Iberdrola Renovables Jan-Sep 2010 profit rises 7.1% Y/Y

(ADPnews) - Oct 19, 2010 - Spanish renewable energy firm Iberdrola Renovables (MCE:IBR) closed the first nine months of 2010 with a net profit of EUR 179.4 million (USD 249.6m), up 7.1% on the year, the company said.

Between January and September revenue came in at EUR 1.598 billion, an annual surge of 17.7%.

Earnings before interest, tax, depreciation and amortisation (EBITDA) in the period increased by 19.4% year-on-year to EUR 972 million, while operating profit amounted to EUR 1.412 billion, up 18.6% in comparison with the figures posted a year earlier.

The installed capacity of Iberdrola Renovables reached 12,006 MW, while the power generated during the period amounted to 18.091 billion kWh, up by 20.2%. The launch of 855 MW in the last twelve months in USA was among the key factors for the growth in the first three quarters of 2010. More precisely, Iberdrola Renovables has lifted its installed capacity in the USA to 4,314 MW and has another 717 MW under construction in the country.

The company's net financial debt stood at EUR 4.531 billion at the end of the third quarter.

(EUR 1.0 = USD 1.392)

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