EDP-Energias de Portugal 1Q Profit Dropped Nearly 40%

Date : 05/17/2019 @ 6:47AM
Source : Dow Jones News
Stock : Edp Energias De Portugal (PC) (EDPFY)
Quote : 39.3875  -0.225 (-0.57%) @ 9:27PM
Edp Energias De Portugal (PC) share price Chart

EDP-Energias de Portugal 1Q Profit Dropped Nearly 40%

Edp Energias De Portugal (PC) (USOTC:EDPFY)
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6 Months : From Apr 2019 to Oct 2019

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   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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