Portugal EDP net profit falls less than expected on one-offs

jueves 30 de julio de 2015 11:58 GYT

LISBON, July 30 (Reuters) - EDP-Energias de Portugal on Tuesday posted a 7 percent fall in first-half net profit, hit by a severe drought in Brazil and the foreign exchange impact on its dollar-denominated debt.

Still, the profit of 587 million euros ($640.71 million)came in better than expected thanks to one-off gains on asset deals like an acquisition at a discount of a 50 percent stake in the Pecem 1 project in Brazil.

Net operating costs fell 13 percent to 619 million euros.

Earnings before interest, tax, depreciation and amortization (EBITDA) rose 7 percent to 2.13 billion euros.

EDP's total energy distribution fell 8 percent due to scarce water resources in Brazil and a steep drop in natural gas volumes in Spain after EDP sold some distribution assets there in late 2014.

($1 = 0.9162 euros) (Reporting By Andrei Khalip)