EDP Renovaveis 1st Half Net Profit Fell on Lower Prices, Costs

By Adria Calatayud

EDP Renovaveis said Wednesday that net profit for the first half fell sharply on year, as lower average prices weighed on revenue and operating costs increased.

Net profit for the first six months of the year was 80 million euros ($88.4 million) compared with EUR265 million in the same period last year, the Portuguese renewables company said. Revenue for the period declined to EUR1.225 billion from EUR1.24 billion.

EDP Renovaveis said earnings before interest, taxes, depreciation and amortization for the half year fell 23% to EUR754 million.

The company said its electricity generation was weak in the second quarter due to the effect of the weather phenomenon El Nino, but that it increased 1% for the first half as a whole. The average selling price for the first half was 8% lower, it said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

July 26, 2023 04:13 ET (08:13 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.