* Profit up at 565 mln euros on Brazil, wind power
* Electricity demand recovering in Iberia, elsewhere
(Adds details on Spain, Portugal, stock price)
LISBON, July 29 (Reuters) - Energias de Portugal (EDP.LS: Quote) posted an 18 percent rise in first-half net profit, exceeding market forecasts, helped by new capacity at its wind energy unit as well as higher power sales in Brazil.
"Demand is recovering in all our geographies. There is a clear improvement," CEO Antonio Mexia told reporters on Thursday, adding that the first half result was the best on the record.
The company provided no forward-looking statements, saying only that both Portugal and Spain showed steady recoveries throughout the period in terms of electricity demand after a sharp slide in 2009, with a 4.4 percent rise in Portugal and 3.6 percent increase in Spain.
Net profit reported by Portugal's main utility rose to 565 million euros ($739.4 million), compared with a 531 million average in a Reuters poll of nine banks and brokerages.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 14 percent to 1.83 billion euros, also surpassing the average forecast of around 1.79 billion.
EBIT, or operating profit, rose 11 percent to nearly 1.09 billion euros. Operating costs rose 6.5 percent in the period.
The company said the increase in the operating line was driven by a 23 percent appreciation of the Brazilian real against the euro, an upturn in electricity demand in Latin America's largest country and an increase in wind power generation backed by higher installed capacity.
EDP shares had closed 0.4 percent higher at 2.53 euros before the results were announced, outperforming the broader market in Lisbon, which fell 0.7 percent. (Reporting by Sergio Goncalves and Andrei Khalip; Editing by David Holmes) ($1=.7641 Euro)
