By Giulia Petroni

EDP-Energias de Portugal swung to a profit in the first quarter of the year as performance was boosted by hydro generation recovery in the Iberian market.

The Portuguese energy company late on Thursday said it registered a net profit of 303 million euros ($334.7 million) in the quarter from a loss of EUR76 million in the year-earlier period.

Earnings before interest, taxes, depreciation and amortization doubled to EUR1.42 billion from EUR710 million in the previous year.

The recovery was partly driven by the normalization of hydro generation in Portugal throughout the 2022-23 winter after a period of extreme drought, EDP said.

Revenue from energy sales and services was EUR4.48 billion, down from EUR5.50 billion in the previous-year period.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

May 05, 2023 01:23 ET (05:23 GMT)

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