EDPFY Energias De Portugal SA (PK)

   By Giulia Petroni 
 

EDP-Energias de Portugal SA said Thursday that it swung to a loss in the first quarter of the year as performance was hit by a shortfall in hydropower production and high electricity prices in the Iberian market.

The Portuguese energy company said it registered a net loss of 76 million euros ($80.2 million) in the quarter from a profit of EUR180 million in the year-earlier period.

Earnings before interest, taxes, depreciation and amortization decreased to EUR710 million from EUR864 million in the previous year. Due to extreme drought in Portugal during the winter season in 2021 and 2022, EDP said it had to purchase electricity in the Iberian wholesale market at soaring prices. This resulted in a EUR400 million Ebitda loss in the quarter.

Revenue from energy sales and services rose to EUR5.50 billion from EUR3.09 billion the previous year.

Looking at the full year, EDP said it expects the loss related to the hydro shortfall to be compensated by a positive performance across some of its businesses, including EDP Renovaveis, EDP Brasil and Iberian networks.

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

(END) Dow Jones Newswires

May 05, 2022 12:51 ET (16:51 GMT)

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