By Andrea Figueras
Greenvolt said that net profit for the first quarter fell on year as an increase in financial costs offset higher revenue.
The Portuguese renewable-energy late Wednesday reported a net profit of 300,000 euros ($329,685) for the first quarter of 2023 compared with EUR1.1 million in the year-earlier period.
Rising interest rates and the evolution of electricity prices, which in the first months of 2023 have fallen in Europe in a reversal of last year’s trend, have had an impact on results, the company said.
Revenue reached EUR67.7 million compared with EUR56.6 million in the first quarter of 2022.
Earnings before interest, taxes, depreciation and amortization were EUR21.7 million compared with previous year’s EUR21.9 million.
Greenvolt intends to move toward a positive result in its distributed generation segment, which posted a an underlying Ebitda loss for the quarter.
The company didn’t specify its financial forecast for the rest of 2023, but said its expected results should be compatible with the current business plan.
Write to Andrea Figueras at andrea.figueras@wsj.com
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