Portugal's EDP 2013 profit almost flat, just above forecast

jueves 27 de febrero de 2014 13:10 GYT
 

LISBON Feb 27 (Reuters) - Portugal's largest company, EDP Energias de Portugal, posted on Thursday a 2013 net profit practically unchanged from a year earlier, as higher taxes and a weak market in Portugal and Spain neutralised gains in Brazil and at EDP's wind unit.

The utility said net profit totalled 1.005 billion euros ($1.09 billion) after 1.012 billion in 2012 and compared with an average forecast of 992 million euros in a Reuters poll of analysts.

Earnings before interest, taxes, depreciation and amortization (EBITDA) were flat at around 3.62 billion euros, slightly below market consensus of 3.67 billion euros.

Demand for electricity in Portugal and Spain fell 1.8 percent last year as both countries only started to emerge from a long recession and are yet to post a full year of economic growth.

EDP stock had closed 0.9 percent higher at 3.1 euros before the announcement, largely in line with the broader market in Lisbon. (Reporting By Andrei Khalip)