EDP Renovaveis 9-Month Earnings, Revenue Fell

By Cecilia Butini

EDP Renovaveis SA said Thursday that earnings and revenue fell in the first nine months of 2020.

The Portuguese renewable-energy company posted a net profit of 319 million euros ($374.7 million), a 7% decline from the previous year.

Earnings before interest, taxes depreciation and amortization came in at EUR1.07 billion, down from EUR1.22 billion in the same period in 2019, EDP said.

Revenue for the period clocked in at EUR1.26 billion, an 8% decline from EUR1.36 billion in the previous year.

EDP Renovaveis said it supplied 20.4 terrawatt hours of clean electricity in the period, a 7% on-year decline.

The company added that it has been pursuing a sell-down strategy in the period, completing the sale of its full stake in the 137-megawatt Babilonia wind farm in Brazil and decommissioning 18 megawatts in Spain for repowering.

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

(END) Dow Jones Newswires

October 29, 2020 04:38 ET (08:38 GMT)

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