Portugal’s Semapa said net profit in the first quarter to March dropped to EUR24.4m from EUR47.2m, due to a lack of the one-time gain booked in the first-quarter of 2007.
 
In a statement, the industrial holding stock said that 2007’s results were boosted by a one-off gain of EUR25.6m in the first-quarter resulting from the sale of shares in EDP Energias de Portugal, SA.
 
Semapa said recurring EBITDA decreased three per cent to EUR94.7m.
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