EDP 2Q Net Profit Declined Amid Coronavirus Hit

   By Cecilia Butini

EDP-Energias de Portugal SA said late Thursday that its net profit dropped in the second quarter, as a reduction in energy consumption in its main markets and a one-off cost affected its business.

The Portuguese energy company posted net profit of 169 million euros ($200.4 million) in the second quarter, a sharp decline from EUR305 million in the same quarter a year prior.

The company experienced a strong reduction in electricity consumption in the first half of the year, especially during lockdown periods.

EDP also said it booked a one-off cost of EUR130 million as it brought forward the closure of a coal plant in the Portuguese city of Sines to 2021.

Earnings before interest and taxes in the second quarter came in at EUR455 million, the company said, down from EUR631 million the previous year.

Earnings before interest, taxes, depreciation and amortization for the quarter were EUR891 million, also down from EUR994 million in the second quarter of 2019.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

September 03, 2020 12:57 ET (16:57 GMT)

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