EARNINGS POLL-EDP 2007 net seen down 4.6 percent

* Energias de Portugal (EDP) (EDP.LS: Quote, Profile, Research) 2007 results

* Due March 6 after market close

* Net profit seen down 4.6 percent at 898 million euros

LISBON, March 4 (Reuters) - EDP is expected to post a 4.6
percent decline in 2007 net profit, hurt by high one-off costs
due to lay-offs and a rise in Iberian pool energy prices, a
Reuters poll shows.

Net profit is seen at 898 million euros, down from 941
million euros a year earlier, according to the average forecast
of 16 analysts polled by Reuters.

The analysts estimate that 2007 earnings before interest,
taxes, depreciation and amortisation (EBITDA) at Portugal's
largest industrial company rose 16.3 percent to 2.683 billion
euros, boosted by its renewable energy and Brazil units.

Analysts said the 2007 earnings results were not directly
comparable with 2006 due to its purchase last year of U.S. wind
power company Horizon for $2.2 billion and the termination of
power purchase agreements in Portugal.

Analysts said EDP's results in 2007 would also have been hit
by staff reduction costs at its distribution unit. They
estimated that one-off charges could reach up to 200 million
euros from the firing of about 500 staff from the unit.

They said EDP had also lost out due to a rise in Iberian
electricity pool prices.

Analysts are also eager for more information from EDP on the
timing of the initial public offering of its renewable energy
unit.

Following are analysts' estimates:

(in millions of euros)

Net EBITDA
Santander 982 2,670
JP Morgan 943 2,712
Natixis 943 2,704
Exane BNP Paribas 942 2,618
UBS 937 2,700
Lehman Brothers 932.3 2,748.9
Espírito Santo Research 921 2,616
BPI 907 2,763
Dexia 901.7 2,703
Caixa Banco de Investimento 893 2,721
Lisbon Brokers 886.5 2,687.9
Millennium investment banking 873 2,757
Banif 868 2,557
Ibersecurities 819 2,583
Landsbanki Kepler 811 --
Morgan Stanley 808 2,707
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Average 898 2,683
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(Reporting by Sergio Goncalves; translation by Axel Bugge,
editing by Will Waterman)