LISBON, March 3 (Reuters) - EDP-Energias de Portugal posted on Thursday a larger-than-expected 12 percent decline in 2015 net profit, hit by higher financial costs, while renewable energy and its Brazil operation boosted operating profits.
The profit of 913 million euros at Portugal’s largest company came in below an average forecast of 956 million euros in a Reuters poll of analysts.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose eight percent to 3.924 billion euros, exceeding the average forecast of 3.872 billion euros.
Net debt at the utility rose 2 percent since the start of 2014 to 17.38 billion euros at the end of December. The company had said in the middle of last year that it would finish 2015 with debt below 17 billion euros.
The group’s financial loss jumped 46 percent to 833 million euros.
Net operating costs fell 11 percent to 1.53 billion euros. (Reporting By Sergio Goncalves and Axel Bugge)