LISBON, July 29 (Reuters) - Portuguese utility company
EDP-Energias de Portugal reported on Thursday a 9% rise
in first-half net profit, boosted by the acquisition of Spanish
electricity company Viesgo.
EDP said its net profit for January-June rose to 343 million
euros ($407.48 million), but its recurring net profit fell 15%
to 326 million euros.
Its consolidated earnings before interest, taxes,
depreciation and amortisation (EBITDA) dropped 10% to 1.69
EDP agreed to buy Viesgo in July 2020, more than doubling
its presence in Spain's electricity distribution market.
"(EDP's) performance was positively impacted by the
integration of Viesgo in Spain and the increase in results in
networks in Brazil," the company said.
However, it added the results were "penalised" by the rise
of energy prices in the Iberian market, which led to higher
production and sourcing costs, and by below-average U.S. wind
On Wednesday, its renewables unit EDP Renovaveis
reported a 44% slump in net profit to 142 million euros and an
18% drop in EBITDA to 654 million euros, mainly affected by the
impact of Arctic-like temperatures in parts of the United States
and lower capital gains.
EDP, whose main shareholder is China Three Gorges, said that
in the first half 81% of its electricity generation came from
renewable energy sources.
As of June, 79% of its 23.9 gigawatts (GW) of installed
capacity was from renewable sources, with an additional 2.9 GW
of wind and solar projects under construction.
Despite the pandemic, its gross investments increased 29%
year-on-year to 1.6 million euros, of which 95% were allocated
to renewables and electricity networks activities "fully aligned
with the energy transition," EDP said.
($1 = 0.8418 euros)
(Reporting by Sergio Goncalves; Editing by Catarina Demony and