Lisbon, Portugal, 08 March – Profits of Portuguese power company EDP – Energias de Portugal in 2005 increased 294.3 percent in 2005 as compared with 2004, to 1.07 billion euros, a much higher figure than the market expected, according to figures released by the company Wednesday.
Market analysts on average expected EDP’s profits to have totaled 843.2 million euros, almost doubling 2004’s profits.
In a statement filed with Portugal’s market regulator, Comissão do Mercado de Valores Mobiliários (CMVM), EDP said that growth rate of profits last year was also influenced by an adjustment of the 2004 results, to 294.3 million euros.
EDP said that its accounts had benefited the “consolidation of 100 percent of Spanish electricity company Hidroeléctrica del Cantábrico,” from “strong operating performance of Energias do Brasil” and an “extraordinary gain of 397 million euros from the sale of a 14.3 percent stake in Galp Energia.”
The group’s investments in 2005 totaled 1.429 billion euros.
EDP’s net debt increased 10.87 percent to 9.463 billion euros, but its weighting on total capital fell by 4.6 percentage points to 56.1 percent. (macauhub)