Edp Energias De Portugal (PC) (USOTC:EDPFY)
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2 Months : From Apr 2019 to Jun 2019
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.
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(END) Dow Jones Newswires
May 17, 2019 01:32 ET (05:32 GMT)
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