Portuguese energy company Energias de Portugal SA (EDP.LB), or EDP, Thursday said its first-half net profit fell 32% from a year earlier when results were boosted by gains from the spin-off of renewables unit EDP Renovaveis SA (EDPR.LB).

EDP's net profit fell to EUR479 million in the first half, from EUR703 million a year earlier. Three analysts polled by Dow Jones Newswires had predicted an average net profit of EUR447.7 million.

EDP in the first half of 2008 had EUR405 million in gains from the partial spin-off of its renewables unit.

EDP's earnings before interest, taxes, depreciation and amortization, or Ebitda, rose 1.6% to EUR1.61 billion.

Results were hit by the economic crisis that eroded electricity demand, but this was partially offset by a surge in wind-power output.

EDP's shares closed 0.07% up at EUR2.786 Thursday.

EDP is scheduled to hold a webcast on results at 0900 GMT Friday.

-By Bernd Radowitz, Dow Jones Newswires; +34-91-395 8120; djmadrid@dowjones.com;