EDP 2014 net profit up 4 pct to 1.040 bln euros
LISBON, March 3 (Reuters) - Energias de Portugal on Tuesday posted a 4 percent rise in 2014 net profit, benefitting from the sale of stakes in Asia and Brazil that balanced out regulatory and tax pressures in Iberia.
The utility said net profit reached 1.040 billion euros, beating a forecast of 1.020 billion euros by analysts in a Reuters poll.
Earnings before interest, tax, depreciation and amortization (EBITDA) rose 1 percent to 3.642 billion euros, above 3.627 billion euros forecast by analysts.
EDP's results were boosted by strong earnings in Brazil, where it posted a one-off gain of 420 million reais with the sale of 50 percent of two power plants to partner China Three Gorges.
In Asia, EDP made a further 118 million euros through the sale of 50 percent of EDP Asia to China Three Gorges.
In Portugal EDP had to pay 60 million euros in a special energy tax while 2014 was the first full year that it was affected by new regulations on utility rates. (Reporting By Sergio Goncalves, writing by Axel Bugge)
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