CORRECT:EDP Renovaveis 1st Half Net Profit EUR65.6 Million Vs Profit EUR49.6 Million
July 29 2009 - 2:38AM
Dow Jones News
Portuguese renewable energy company EDP Renovaveis SA (EDPR.LB),
or EDPR, said its first half net profit rose 32% as electricity
output surged amid massive additions of wind power generation
capacity.
Net profit rose to EUR65.6 million in the first half from
EUR49.6 million a year earlier. Five analysts polled by Dow Jones
Newswires forecast an average net profit of EUR62.4 million.
The company's earnings before interest, taxes, depreciation and
amortization, or Ebitda, rose 20% to EUR270.8 million. Revenue was
up 21% to EUR313.9 million.
Additions of new wind power capacity, especially in the U.S.,
boosted net profit, compensating for lower load factors due to
weaker winds.
Falling electricity prices in Spain also dented the result, but
that was soothed somewhat by hedging.
The focus will be on the impact of new U.S. regulations and aid
for renewable energy.
EDP Renovaveis closed at EUR7.051 Tuesday, but is up 41% this
year on an upbeat outlook for wind power additions and expected aid
for renewables in the U.S.
-By Bernd Radowitz, Dow Jones Newswires; +34-91-395 8120;
djmadrid@dowjones.com;