EDPR 2012 profit jumps on more output, higher prices

LISBON Tue Feb 26, 2013 1:36pm EST

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LISBON Feb 26 (Reuters) - EDP Renewables, the wind unit of EDP Energias de Portugal, posted on Tuesday a 32-percent rise in 2012 adjusted net profit, largely in line with estimates, as it churned out more energy at higher prices.

The company also said it proposed to pay shareholders 0.04 euros per share in dividends.

Net profit at EDPR, the world's fourth-largest wind energy producer, rose to 134 million euros ($175 million), when adjusted to exclude non-recurring items, compared with a forecast of 129 million euros in a Reuters poll. Total unadjusted net profit rose 43 percent to 126 million euros.

Earnings before interest, taxes, depreciation and amortisation rose 17 percent to 938 million euros, exceeding a forecast of 913 million euros.

EDPR's power output rose 10 percent last year thanks to new capacity in Europe and the United States and steady load factors of 29 percent in its turbines, while the average price of the energy it sold rose 10 percent to 63.5 euros per megawatt-hour.

EDPR shares had closed almost 3 percent lower at around 3.79 euros before the results were announced, underperforming the broader market in Lisbon, which ended 2.5 percent down. ($1 = 0.7649 euros) (Reporting By Filipe Alves and Andrei Khalip)

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