EDP Renováveis increases profit by 75% in Q1
The Portuguese company also revealed that net debt totalled €4.2 billion at the end of March, corresponding to an increase of €1.3 billion compared to December.
EDP Renováveis increased its profits by 75% to €66 million in the first quarter of the year, a result that compares with earnings of €38 million recorded a year ago, the company announced to the market.
The company’s revenues rose 27% to €569 million with the impact of additional capacity (+79 billion), the slightly higher renewable resource (+20 million), forex conditions and others (+27 million) being “more than enough to offset the negative effect from the average selling price (-€5m YoY), on the back of portfolio mix effect.”
EBITDA increased 46% to €394 million, beating analysts’ estimates of €379 million.
On the other hand, operating costs rose to €241 million in this period, a 34% YoY increase that was explained by a greater operating capacity and anticipated costs to deal with accelerated growth.
EDP Renováveis also revealed that net debt totalled €4.2 billion at the end of March, corresponding to an increase of €1.3 billion compared to December.
The company justifies the rise in debt with its investment strategy and the recent acquisition of Sunseap for €600 million, “that “offsets €365m of asset rotation proceeds cashed in January from a Portuguese transaction.”
