EDP Renovaveis announced on Wednesday a significant drop in net profit for the first half of the year. The Portuguese renewables company cited lower average prices as the main factor weighing on revenue, while operating costs increased.
According to the company, net profit for the first six months amounted to 80 million euros ($88.4 million), a noticeable decrease compared to the 265 million euros recorded in the same period last year. Moreover, revenue for the period declined from 1.24 billion euros to 1.225 billion euros.
EDP Renovaveis also noted that its earnings before interest, taxes, depreciation, and amortization (EBITDA) for the half year suffered a 23% decrease, reaching 754 million euros.
The company attributed the weak electricity generation in the second quarter to the impact of the weather phenomenon El Nino. However, despite this setback, electricity generation increased by 1% for the first half of the year as a whole. Nonetheless, EDP Renovaveis highlighted that the average selling price experienced an 8% decline during this period.
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