July 25, 2012 / 7:32 AM / 5 years ago

EDP Renewables profit up 12 pct, beats forecast

LISBON, July 25 (Reuters) - EDP Renewables, the wind energy unit of Energias de Portugal, posted on Wednesday a higher-than-expected 12 percent rise in its first-half net profit on rising power generation and a higher average price of its energy.

Net profit at the world’s fourth-largest wind energy producer rose to 100 million euros ($121 million), exceeding an average forecast of 93 million euros by analysts surveyed by Reuters.

Earnings before Interest, Taxes, Depreciation and Amortization jumped 23 percent to 504 million euros, beating analysts’ forecasts of 480 million euros.

EDPR’s power output rose 13 percent in the January to June period thanks to new capacity in Europe and the United States, as well as strong load factors of 32 percent at its turbines thanks to favourable strong winds.

EDPR shares rose 1.4 percent in early trading to 2.35 euros, outperforming the broader market in Lisbon, which was down 0.7 percent.

$1 = 0.8275 euros Reporting By Andrei Khalip

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