UPDATE 1-Portugal's EDP net profit falls less than expected as one-offs help

jueves 30 de julio de 2015 13:05 GYT

* H1 net 587 million euros vs f'cast 460 million

* EBITDA 2.13 billion euros vs f'cast 1.83 billion

* Net operating costs down 13 pct to 619 million (Adds CEO comments)

LISBON, July 30 (Reuters) - EDP-Energias de Portugal on Thursday 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, profit of 587 million euros ($641 million) was higher than expected by analysts, mainly thanks to one-off gains on asset deals such as 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. Analysts in a Reuters poll had on average predicted a net profit of 460 million and EBITDA of 1.83 billion.

Discounting one-offs, net profit would have fallen 23 percent while EBITDA would have still edged 1 percent higher, EDP said.

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