EDP Renovavei's share price increases after announced H1 results
Higher profits but also increased operating costs characterize EDP Renovavei’s half-year report.
by MARKETWIRE
EDP Renovaveis rises 3.5% on the Lisbon Stock Exchange after the company presented figures for the first half of 2023, according to Bloomberg News.
The company made a profit of EUR 80m in the first half of the year, which is somewhat higher than Bloomberg News’ consensus of EUR 37m. On an annual basis, however, this represents a decline of 70%.
The operating profit ended at EUR 754m against an expected EUR 736.3m, corresponding to a decline of 23% on an annualized basis.
According to the company, operating costs increased by 10% in the first half of the year compared to last year. This was driven by tax refunds in Europe, higher personnel costs as part of a larger workforce as well as inflation.
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