EDP profit rise helped by wind earnings

PORTUGAL: Portugal's biggest utility, Energias de Portugal (EDP) has posted nine month profits up 6% thanks to higher output from its wind energy projects and earnings from its Brazilian unit.

EDP...profit rise aided by wind
EDP’s net income rose to €824 million, up from €774 million the previous year. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 5% to €2.8 billion in the first nine months of the year and net debt was €16.6 billion at the end of September, down from €16.9 billion in June, the company said.

The company is investing in wind power and hydropower in Europe, Brazil and the US. However, the utility cut its investment target for 2011-12 to €2.1 billion, down from an earlier forecast of €2.4 billion.

EDP Renovaveis, which owns and operates wind farms in Spain, the USA, Portugal, France, Poland, Romania, Belgium and Brazil, made a gross profit of €689 million over the nine month period, up 17% from €587 million the previous year.

EBITDA was €548.3 million, up from €473 million.

The division’s net debt rose 18% year on year to €3.4 billion as of September 2011, reflecting investment in new wind power capacity.