REN Q1 net profit up 28.7 percent

LISBON, April 29 (Reuters) - Portuguese power grid operator REN (RENE.LS) on Wednesday posted a 28.7 percent rise in first quarter net profit to 31.8 million euros, beating expectations.

REN said in a statement operating revenues rose 11 percent to 151.8 million euros while earnings before interest, taxes, depreciation and amortization (EBITDA) edged up 1.9 percent to 87.9 million euros.

Analysts in a Reuters survey had forecast a net profit of 26.3 million euros, EBITDA of 85.8 million euros and revenues 132.9 million euros in the quarter. (Reporting by Axel Bugge)