EDP Swung to Loss in 3Q as Operating Result Fell by Half

   By Alberto Delclaux

EDP-Energias de Portugal SA (EDP.LB) swung to a loss in the third quarter, weighed down by a provision and worsened operating performance.

Net loss at the energy group was 83 million euros ($94.7 million) compared with a profit of EUR696 million a year earlier, on revenue that fell 1% to EUR3.75 billion.

Earnings before interest, taxes, depreciation and amortization were halved to EUR688 million, mainly due to a significant one-off gain the year earlier.

On a recurring basis, EDP said Ebitda fell 12%, dragged by a fall in its wind- and solar-power business, as well as its regulated networks unit in Iberia.

The company is currently the target of a takeover bid by its largest shareholder, China Three Gorges Corp. However, the Chinese group's pursuit has slowed recently amid heightened regulatory scrutiny in the European Union and U.S.

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

(END) Dow Jones Newswires

November 09, 2018 01:28 ET (06:28 GMT)

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