EDPR 1Q Earnings Rose on Higher Generation, Average Selling Prices
May 03 2023 - 2:33AM
Dow Jones News
By Giulia Petroni
EDP Renovaveis SA on Wednesday reported a rise in earnings in
the first quarter of the year, mainly driven by an increase in
electricity generation and average selling prices.
The Portuguese renewable-energy company said net profit came in
at 65 million euros ($71.4 million), slightly lower compared to
EUR66 million in the same period a year earlier partly due to
higher financial costs.
Earnings before interest, taxes, depreciation and amortization
increased to EUR448 million from EUR394 million, while EBIT rose to
EUR266 million from EUR232 million.
Revenue came in at EUR706 million from EUR569 million in the
same prior-year period, boosted by higher generation and the
increase in average selling price benefiting from positive market
dynamics, according to the company.
EDPR said installed capacity increased to 14.8 gigawatts, and
that it generated 10.2 terawatt hours of clean energy in the
quarter.
The company said late on Tuesday that the board of directors has
proposed a scrip dividend program to provide higher optionality to
shareholders.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
May 03, 2023 02:18 ET (06:18 GMT)
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