EDP-Energias de Portugal 1Q Profit Dropped Nearly 40%
May 17 2019 - 1:47AM
Dow Jones News
By Nathan Allen
EDP-Energias de Portugal SA (EDP.LB) said Thursday that
first-quarter earnings fell nearly 40%, dragged down by a higher
overall tax rate and unfavorable currency swings.
The Portuguese utility said net profit slipped to 100 million
euros ($111.9 million) from EUR166 million a year earlier.
However, earnings before interest, taxes, depreciation and
amortization rose to EUR921 million from EUR893 million, exceeding
a FactSet-compiled consensus of EUR892.9 million.
EDP's electricity-distribution and energy-management businesses
drove the higher Ebitda.
Revenue dropped to EUR3.74 billion from EUR4.03 billion, the
company said.
EDP's shareholders recently blocked a EUR9.07 billion takeover
bid by the company's top investor China Three Gorges Corp., which
was unpopular with regulators and EDP's board.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
May 17, 2019 01:32 ET (05:32 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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