By Kim Richters
EDP-Energias de Portugal SA said Thursday that its first-quarter net profit rose, benefiting from non-recurring items, but that revenue declined.
The Portuguese energy company said quarterly net profit was 180 million euros ($217.3 million) compared with EUR146 million a year earlier. EDP said one-off items like the gain on the sale of its 50% stake in energy supplier CHC in Spain impacted net profit positively.
Earnings before interest, taxes, depreciation and amortization fell to EUR864 million from EUR980 million and revenue from energy sales, services and other fell to EUR3.09 billion from EUR3.50 billion.
For the renewables segment, EDP said negative effects from weather on U.S. renewables were partially offset by a good performance of its hydro operations in the Iberian market.
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(END) Dow Jones Newswires