LISBON, Oct 29 (Reuters) - EDP-Energias de Portugal posted on Thursday a stronger-than-expected net profit and pre-tax earnings for the first nine months of 2015, even though its net slipped 4 percent mainly due to a foreign exchange impact on EDP’s dollar-denominated debt.
The profit of 736 million euros ($807 million) at Portugal’s largest company came in above an average forecast of 685 million euros in a Reuters poll of analysts.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 10 percent to 2.99 billion euros, exceeding the average forecast of 2.89 billion euros.
Net debt at the utility rose 2 percent since the start of the year to 17.32 billion euros at the end of September, said EDP, which in July expected to finish the year with a debt below 17 billion euros.
Net operating costs fell 9 percent to 1.07 billion euros, largely thanks to a new collective labour agreement in Portugal.
Meanwhile, net financing costs jumped 38 percent to 626 million euros.
EDP’s total energy distribution rose 4 percent year-on-year, driven by higher thermal generation in Iberia and Brazil, as well as higher wind generation thanks to capacity additions in Europe and the United States.
$1 = 0.9121 euros Reporting By Andrei Khalip and Sergio Goncalves