Portugal's EDP quarterly net profit up 11 percent

miércoles 4 de mayo de 2016 12:03 GYT

LISBON May 4 (Reuters) - EDP-Energias de Portugal posted on Wednesday a slightly larger-than-expected 11 percent rise in first-quarter net profit boosted by its renewable energy unit and strong operations in Brazil, while operating costs decreased.

The profit of 263 million euros at Portugal's largest company came in just above an average forecast of 260 million euros in a Reuters poll of analysts.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 14 percent to 1.13 billion euros, exceeding the average forecast of 1.06 billion euros.

Net debt at the utility fell 2 percent to 17 billion euros. The company said in the middle of last year that it would finish 2015 with debt below 17 billion euros.

The group's financial loss declined 13 percent to 180 million euros.

Net operating costs fell 4 percent to 417 million euros. (Reporting By Axel Bugge)