EDP Renovaveis, the renewable energy unit of Portuguese utility EDP-Energias de Portugal (EDP.LB) Tuesday reported a first-quarter net profit of EUR30.5 million net profit against a pro forma EUR6.4 million a year ago, reflecting partly lower financial costs.
Year-ago figures are pro forma as this is the first time EDP provided separate figures for the unit, ahead of a planned listing in the second quarter.
Revenue stood at EUR156.6 million from a pro forma EUR338.8 million a year earlier, while earnings before interest, taxes, depreciation and amortization, or Ebitda, was EUR125.5 million compared with a pro forma EUR229.7 million. EDP Renovaveis booked a EUR40.7 million financial expense in the three months to end-March against a pro forma EUR104.3 million in the same period of 2007.
The company reiterated its plans to be listed this year. It said it "continues to progress its preparation for a proposed offering and listing of ordinary shares on the Euronext Lisbon Stock Exchange."
EDP recently announced it would list up to 25% of its renewables unit in the second quarter, but adverse market conditions fueled speculation the company might delay the listing. The operation is aimed at financing its growth strategy.
EDP Renovaveis became the world's fourth-biggest wind-power producer after acquiring U.S. wind-power Horizon Wind Energy last year.