October 30, 2019 / 5:29 PM / 18 days ago

Portugal EDP's 9-month net profit soars 55% on wind, Brazil

LISBON, Oct 30 (Reuters) - Portugal’s EDP-Energias de Portugal posted on Wednesday a steep 55% rise in nine-month net profit, boosted by renewable energy, a strong performance of its Brazilian unit and one-off factors that more than offset the impact of a drought in Iberia.

The company, Portugal’s largest by assets, netted 460 million euros ($511.43 million) in the period. Recurring profit excluding one-offs rose 7% to 585 million euros, the company said.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 10% to 2.66 billion euros, even as revenues dipped 1%.

Earlier on Wednesday, EDP’s wind energy subsidiary EDP Renewables posted a 10% increase in revenues on higher output and selling prices. Its EBITDA jumped 40%, helped by a one-off gain from some European asset sales, which also made its net profit nearly triple to 342 million euros. ($1 = 0.8994 euros) (Reporting by Andrei Khalip)

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