UPDATE 1-EDP profit slips less than expected, Spain and Brazil weigh

jueves 30 de octubre de 2014 14:07 GYT
 

* Net profit 786 mln euros vs 770 mln euros forecast

* EBITDA falls 3 pct, largely in line with forecast

* Operating costs reduced with fewer employees (Adds electricity sales, costs, debt)

LISBON, Oct 30 (Reuters) - Portugal's largest company, EDP-Energias de Portugal, posted a 1 percent drop in nine-month net profit on Thursday, weighed down by regulatory changes for renewable energy in Spain, a drought in Brazil and a foreign exchange effect.

Net profit of 786 million euros ($992 million), however, was better than the 770 million euros forecast by a Reuters poll of analysts.

Earnings before interest, tax, depreciation and amortization (EBITDA) dropped 3 percent to 2.715 billion euros, largely in line with the market consensus.

The contribution to EBITDA from EDP's Brazilian business fell by 29 percent to 374 million euros, the company said.

The Brazilian real's appreciation accounted for the bulk of EDP's 50 million euro foreign exchange loss.

On Wednesday, EDP Renewables, EDP's wind energy unit, posted a 45 percent fall in nine-month net profit, affected by regulatory changes in neighbouring Spain.   Continuación...