Portugal's EDP recurring profit jumps 22% on renewables, Iberian networks
Portugal's EDP recurring profit jumps 22% on renewables, Iberian networks LISBON, Nov 5 (Reuters) - Portugal's largest utility EDP EDP.LS said on Thursday recurring net profit rose 22% from a year earlier to €1.19 billion ($1.34 billion) in the first nine months, helped by strong earnings from its renewables arm and higher regulatory returns at its Iberian networks business.
The result is in line with the consensus forecast in an LSEG poll.
Recurring earnings before interest, taxes, depreciation and amortization rose 11% year-on-year to €4.17 billion.
Subsidiary EDP Renewables said earlier on Thursday its recurring EBITDA rose 41% to €1.73 billion on US-led growth and stronger asset rotation gains.
Asset rotation gains from selling stakes in mature renewable wind and solar farms will fund new projects.
EDP's distribution networks business posted a 31% increase in EBITDA to €1.3 billion.
Over the last 12 months, EDP's gross installed capacity grew by 1.9 gigawatts to 33 GW, with the United States accounting for 56% of the additions.
($1 = 0.8901 euros)
(Reporting by Sergio Goncalves; editing by Edward Tobin)
((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters Messaging: sergio.goncalves.reuters.com@reuters.net/))
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