⁍ Portugal’s largest utility EDP reported an 8% drop in its 9-month net profit to 422 million euros ($499 million)
EDP said the pandemic had a negative impact of 54 million euros on net income.

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⁍ The company also booked 247 million euros of non-recurring costs.

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– Portugal’s biggest utility has reported an 8% drop in its 9-month net profit, hit by a COVID-19 pandemic and the closure of a major coal plant, Reuters reports. The company, EDF, said the pandemic had a negative impact of 54 million euros without quarterly figures. It said the pandemic had a negative impact of 247 million euros of non-recurring costs, including those related to the closure of its coal plant in Sines Sines. The company also booked 247 million euros of non-recurring costs, including those related to the closure its coal plant in Sines Sines. The company, whose main shareholder is China Three Gorges, said its consolidated earnings before interest, taxes, and amortisation dipped 2% to 2.63 billion euros between January and September a year ago. Excluding exchange rates effects, particularly from Brazil where EDF owns major utility, recurring EBITDA grew 3%. Net debt fell 6% to 13 billion euros from a year ago, while capital expenditure rose 37% to 1.8 billion euros in nine months of this year, 95% in renewable energy and grid businesses. Earlier on Thursday, EDF’s wind energy unit Renewables reported a 7% fall in net profit.