Portugal's EDP Profit Soars 83% On Hydropower Recovery, Brazil Unit

Portugal's largest utility EDP (EDP.LS) posted on Thursday a 83% jump in nine-month net profit thanks to higher hydroelectric production in Iberia and as it booked more earnings from the Brazilian unit after a sucessfull full takeover.

EDP-Energias de Portugal said in a statement its consolidated net income rose to 946 million euros ($1.01 billion).

Revenues rose 19% to 5.16 billion euros, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 25% to 3.82 billion euros.

EDP's hydroelectric generation in Portugal and Spain increased 61%, recovering after a severe drought last year.

After a takeover, EDP gained 100% control of the capital of EDP Brasil at the end of August, compared to around 56% previously.

EDP's wind and solar unit EDP Renovaveis (EDPR) (EDPR.LS) reported on Tuesday a 7% increase in net profit to 445 million euros between January and September.

EDP said it also made gains with the sale of wind farms in Spain and Poland.