Portugal: Profit at Portugal’s EDP totals 703 million euros in 1st half

1 August 2008

Lisbon, Portugal, 1 Aug – Portuguese electricity company, EDP-Energias de Portugal posted a profit of 703 million euros in the first half of the year, a rise of 66.6 percent against the same period of 2007, the company said in Lisbon Wednesday.

In a statement filed with market regulator CMVM, the company said that excluding non-recurring results the company’s profit had risen 12 percent to 473 million euros.

The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) rose 17 percent to 1.5 billion euros, with the company managing to make operating cost savings of 50 million euros.

The income from the spin off of EDP Renováveis helped EDP significantly allowing the company to double its operating investment to 1.3 billion euros, with debt levels rising by just 3.0 percent to 12 billion euros.

In a press conference to present the results, the company’s chief executive, António Mexia said that the company was already trans-national, with 50 percent of its results coming from outside Portugal and 25 percent from beyond the Iberian peninsula. (macauhub)