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EDP's profit falls 23% in Q1 as revenues drop

Multinational utility and power producer EDP - Energias de Portugal SA's net profit fell 23% to €166 million in the first quarter as revenues shrunk year over year, the company announced May 10.

Revenues fell to €4.03 billion in the first quarter from €4.09 billion on a pro forma basis.

The company posted EBITDA of €893 million in the quarter, down from €953 million in the year-ago period. EBIT fell to €549 million from €648 million in the previous year.