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EDP Renováveis posts higher net profit in Q1'18

Renewable energy producer EDP Renováveis posted net profit of €94.1 million in the first quarter of 2018, compared with €67.9 million in the year-ago period.

Revenues were mostly flat at €528.4 million, with North American revenues at €217.4 million. First-quarter 2017 revenues were €528.1 million.

The company posted EBITDA of €380.6 million in the quarter, from €373.4 million in the year-ago period.

The EDP - Energias de Portugal SA affiliate's North American segment booked EBITDA for the first quarter of 2018 of €145.8 million, according to the May 9 earnings release.

Total net investments in the 2018 first quarter, calculated as total capital expenditure net of financial investments and divestments, including the sale of a 20% stake in the Moray offshore wind farm for £36 million, and net of government grants and proceeds from asset rotation, was €222 million.