EDP Posts Lower 2Q Revenue, Profit; Sells Renewable Portfolio in Poland

By Andrea Figueras

EDP-Energias de Portugal reported lower net profit and revenue for the second quarter, hit by lower prices, and agreed to sell a renewables portfolio in Poland to Orlen for 490 million euros ($538 million) including debt.

The Portuguese electric-power distribution company said late Thursday that net profit for the second quarter stood at EUR134 million, compared with EUR383 million in the year-earlier period, on revenue that stood at EUR3.76 billion, down from EUR4.66 billion.

Earnings before interest, taxes, depreciation and amortization decreased to EUR1.04 billion from EUR1.285 billion.

During the first half, the renewables, clients and energy-management division was the largest contributor to the company's revenue and earnings, in line with last year's first-half performance, EDP said.

The company said the sale of three operating wind farms and a portfolio of hybrid solar projects under development in Poland comes after it sold some assets in Spain earlier in the week. The two deals, for a combined enterprise value of around EUR1 billion, are in line with EDP's asset-rotation program, which foresees EUR7 billion worth of deals over the 2023-26 period.

EDP said it is progressing toward other transactions in the Americas and that it expects to generate cash inflows topping EUR1.5 billion and gains of more than EUR300 million from the program in 2023.

Write to Andrea Figueras at [e-mail]

(END) Dow Jones Newswires

July 28, 2023 04:14 ET (08:14 GMT)

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