EDP Renovaveis (EDPR.LB), the renewable energy unit of utility EDP-Energias de Portugal SA (EDP.LB), said Wednesday it notched EUR58.8-million net profit in the first nine months of the year.
The company that listed on the Euronext Lisbon stock exchange in June didn't provide a comparable figure for the same period a year earlier but said it had a EUR4-million net profit for the whole of last year.
EDP Renovaveis didn't immediately give a reason for the sharp rise in its net profit, but the acquisition of U.S.-based wind-power company Horizon Wind Energy in July 2007 made it a major player in this field.
Nine-month earnings before interest, taxes, depreciation and amortization, or Ebitda, stood at EUR306.5 million; for the whole of 2007 it stood at EUR229.7 million.
EDP Renovaveis is the world's fourth-largest wind-power producer.
Parent company EDP is expected to release earnings Wednesday after the close.