Portugal's EDP 1st Half Net Profit Down 32% On Lower Capital Gains
July 30 2009 - 1:04PM
Dow Jones News
Portuguese energy company Energias de Portugal SA (EDP.LB), or
EDP, Thursday said its first-half net profit fell 32% from a year
earlier when results were boosted by gains from the spin-off of
renewables unit EDP Renovaveis SA (EDPR.LB).
EDP's net profit fell to EUR479 million in the first half, from
EUR703 million a year earlier. Three analysts polled by Dow Jones
Newswires had predicted an average net profit of EUR447.7
million.
EDP in the first half of 2008 had EUR405 million in gains from
the partial spin-off of its renewables unit.
EDP's earnings before interest, taxes, depreciation and
amortization, or Ebitda, rose 1.6% to EUR1.61 billion.
Results were hit by the economic crisis that eroded electricity
demand, but this was partially offset by a surge in wind-power
output.
EDP's shares closed 0.07% up at EUR2.786 Thursday.
EDP is scheduled to hold a webcast on results at 0900 GMT
Friday.
-By Bernd Radowitz, Dow Jones Newswires; +34-91-395 8120;
djmadrid@dowjones.com;