Portugal EDP profit flat despite lower power output
LISBON May 7 (Reuters) - EDP-Energias de Portugal on Thursday posted a slightly stronger-than-expected quarterly profit practically unchanged from a year earlier despite a fall in power output and a severe drought in Brazil that was offset by higher prices and cost cuts.
Portugal's largest company by assets said first-quarter net profit reached 297 million euros ($335 million) after 296 million in the same period of 2014, beating an average forecast of 291 million euros by analysts in a Reuters poll.
Operating costs fell 10 percent to 406 million euros.
Still, earnings before interest, tax, depreciation and amortization (EBITDA) slipped 1 percent to around 1.02 billion euros as EDP's total generation output fell 9 percent driven by lower wind and hydro resources than a year earlier.
Despite an adverse foreign exchange impact, EDP reduced its net debt at the end of March to 16.7 billion euros, 1.5 percent lower than at the end of last year.
($1 = 0.8872 euros) (Reporting By Andrei Khalip)
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