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Portugal

Portugal

EDPR announces 39% rise in net profit

PORTUGAL: EDPR's net profit grew by 39% year-on-year to €94.1 million in the first quarter of 2018, the Portuguese renewables generator has announced.

New operating capacity and good wind speeds boosted EDPR's Q1 net profit
New operating capacity and good wind speeds boosted EDPR's Q1 net profit

The profit figure contrasts with a less buoyant overall financial performance. While capacity additions and improved wind resources produced a 14% increase in electricity generation to 8,763GWh, sales rose by only 4% to €476.3 million.

This is explained by a 10% drop in the average selling price of wind power to €54.2MWh due to the negative impact of currency fluctuations on prices in the US and Brazil, regulatory changes in Poland and Romania, and the contrast with hedge gains made in the US in 2017.

The company's revenues remained stable at €528 million while operating income grew by 4% to €252 million, and Ebitda was up by a more modest 2% at €380.6 million.

Total investments were 172% higher year-on-year at €265 million, €136 million of which was in North America.

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