EDPR beats analyst forecast while bottom line dives

Profit declines by 44 percent compared to the same period last year.

Photo: PR EDPR

Portuguese utility EDP Renewables saw its profit decline in the first six months of 2021 compared to the same period the year prior.

The profit comes to EUR 142m, down by 44 percent, reports Bloomberg News. It is, however, higher than the analyst forecast of EUR 130.3m.

The operating result also recedes but remains above quant expectations. EDPR secures earnings before interest, taxes, depreciations and amortizations of EUR 654m in the first half, an 18-percent decline. Analysts had estimated EUR 641.7m.

The interim report states that after the first six months, the portfolio has come to a total capacity of 12.6GW, which is 2.1GW more than one year ago.

Since the turn of the year, 691MW have been added in solar and wind energy, while the same period also saw divestment of 68 percent of a US wind portfolio.

Currently, the firm has nearly 2.2GW in onshore wind, 421MW solar and 269MW offshore wind energy under construction.

"Despite closing the first half of the year with results affected by various factors such as the weather events in the US, we have confirmed our commitment to growth in new attractive markets with potential," says EDPR CEO Miguel Stilwell d'Andrade.

English Edit: Jonas Sahl Jørgensen

EDP sells wind projects of 221MW 

EDP Renewables books profit from increased divestments  

EDPR stock price drops after EUR 1.5bn bookbuilding push 

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