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)

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