EDRVY EDP Renovaveis SA (PK)

By Giulia Petroni

EDP Renovaveis SA on Wednesday reported a rise in earnings in the first quarter of the year, mainly driven by an increase in electricity generation and average selling prices.

The Portuguese renewable-energy company said net profit came in at 65 million euros ($71.4 million), slightly lower compared to EUR66 million in the same period a year earlier partly due to higher financial costs.

Earnings before interest, taxes, depreciation and amortization increased to EUR448 million from EUR394 million, while EBIT rose to EUR266 million from EUR232 million.

Revenue came in at EUR706 million from EUR569 million in the same prior-year period, boosted by higher generation and the increase in average selling price benefiting from positive market dynamics, according to the company.

EDPR said installed capacity increased to 14.8 gigawatts, and that it generated 10.2 terawatt hours of clean energy in the quarter.

The company said late on Tuesday that the board of directors has proposed a scrip dividend program to provide higher optionality to shareholders.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

May 03, 2023 02:18 ET (06:18 GMT)

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