July 17, 2020 / 9:18 AM / a month ago

Portugal's EDP to keep net income goal, dividends despite pandemic

LISBON, July 17 (Reuters) - Portugal's main utility EDP keep its recurring net income goal of 850 million euros ($970 million) to 900 million euros this year, compared to 854 million euros in 2019, despite the impact of the coronavirus outbreak.

"Obviously we will be impacted, but we maintain our guidance between 850 million and 900 million euros of recurring net income in 2020 and the truth is that this shows the resilience of EDP's business," the firm's interim chief executive Miguel Stilwell d'Andrade told Reuters in an interview.

He said the firm would not cut its dividend, keeping the payout ratio at 75%-85% of net income, with a floor of 0.19 euros per share, and would keep its net debt target at 3.2 times for 2020, despite its recent agreement to acquire Spanish electricity company Viesgo. ($1 = 0.8760 euros) (Reporting by Sergio Goncalves, Writing by Catarina Demony and Andrei Khalip, Editing by Andrei Khalip)

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