Portugal's EDP first-half profit up 43% as hydropower recovers

LISBON (Reuters) - Portugal's largest utility EDP reported on Thursday a 43% jump in first-half net profit, with higher hydroelectric production in Iberia offsetting a sharp drop in net income in its solar and wind unit, as well as in Brazil.

EDP-Energias de Portugal said in a statement its consolidated net income rose to 437 million euros ($480 million).

Its wind and solar unit EDP Renovaveis (EDPR) has reported a 70% profit drop, and EDP Brasil's net income also fell 71% in the period.

But EDP's hydro generation in Portugal and Spain increased 68% year-on-year, recovering after a severe drought last year.

EDP reservoir levels stood at 80% of capacity in June, 8 percentage points above historical average, "supporting hydro generation prospects for the following months", it said.

Consolidated revenues rose 26% to 3.7 billion euros, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 23% to 2.45 billion euros.

As of June, EDP had 28.5 gigawatts (GW) of installed capacity, of which 80% from renewable sources, and more than 5 GW of wind and solar projects under construction.

Gross investment reached 2.98 billion euros in the first half, nearly all of it going to renewables and electricity networks.

($1 = 4.7375 reais)

($1 = 0.9097 euros)

(Reporting by Sergio Goncalves, editing by Andrei Khalip)