EDP Renovaveis 1st Half Net Profit Fell on Lower Prices, Costs
July 26 2023 - 4:28AM
Dow Jones News
By Adria Calatayud
EDP Renovaveis said Wednesday that net profit for the first half
fell sharply on year, as lower average prices weighed on revenue
and operating costs increased.
Net profit for the first six months of the year was 80 million
euros ($88.4 million) compared with EUR265 million in the same
period last year, the Portuguese renewables company said. Revenue
for the period declined to EUR1.225 billion from EUR1.24
billion.
EDP Renovaveis said earnings before interest, taxes,
depreciation and amortization for the half year fell 23% to EUR754
million.
The company said its electricity generation was weak in the
second quarter due to the effect of the weather phenomenon El Nino,
but that it increased 1% for the first half as a whole. The average
selling price for the first half was 8% lower, it said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
July 26, 2023 04:13 ET (08:13 GMT)
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