By Giulia Petroni
EDP-Energias de Portugal said Thursday that profit rose in the third quarter as performance was supported by a recovery of hydropower in Portugal and the normalization of electricity and gas sourcing costs.
The Portuguese energy company reported quarterly net profit of 509 million euros ($538 million), compared with EUR211 million in the year-earlier period. Performance also benefited from the successful takeover bid for EDP Brazil and the impact of asset rotation gains from two transactions in Spain and Poland.
Earnings before interest, taxes, depreciation, and amortization increased to EUR1.37 billion from EUR1.05 billion, while EBIT came in at EUR938 million from EUR636 million the previous year.
Revenue from energy sales, services and other sources was EUR4.01 billion in the quarter, down from EUR5.68 billion.
Write to Giulia Petroni at [email protected]
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