Energias de Portugal 3Q Net Profit Increased; Decreased Over 9 Months

   By Joshua Kirby

EDP-Energias de Portugal SA said Thursday that its net profit increased in the third quarter year-on-year, but that year-to-date net profit fell.

Net profit at the Portuguese utility was 108 million euros ($126.96 million) in the third quarter, compared with EUR55 million a year earlier. Earnings before interest, taxes, depreciation and amortization were EUR754 million in the quarter, roughly similar to the prior year.

For the nine months until the end of September, net profit stood at EUR422 million, down 8% from the same period of 2019. EDP said the coronavirus pandemic had an impact of around EUR54 million on net profit so far this year, largely as result of declining demand for electricity in its markets in Portugal, Spain and Brazil.

Revenues from energy sales and services amounted to EUR2.88 billion in the third quarter, down from EUR3.34 billion the previous year.

Write to Joshua Kirby at joshua.kirby@dowjones.com

(END) Dow Jones Newswires

October 29, 2020 13:59 ET (17:59 GMT)

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