May 10, 2018 / 4:21 PM / a year ago

Portugal EDP earnings fall on regulatory pressure, forex

LISBON, May 10 (Reuters) - EDP-Energias de Portugal posted on Thursday a 23 percent drop in first-quarter net profit, to 166 million euros ($198 million), weighed down by regulatory pressure at home, an unfavourable foreign exchange rate in Brazil and a one-off gain a year ago.

Earnings before interest, taxes, depreciation and amortization (EBITDA) at Portugal’s largest company fell 12 percent to 893 million euros.

Revenues from electricity sales fell 9 percent to 1.39 billion euros despite a rise in electricity output of 7 percent in the first quarter, EDP said in a statement.

On Wednesday, EDP’s wind energy subsidiary EDP Renewables posted a 39 percent rise in quarterly profit thanks to some asset sales, but its revenues remained flat.

$1 = 0.8403 euros Reporting By Andrei Khalip

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