Iberdrola's 9-mo net profit at EUR 3.1bn, up 29% y/y

Spanish utility group Iberdrola SA (BME:IBE) on Wednesday reported a net profit of EUR 3.1 billion (USD 3.1bn) for the nine months through September, up by 29% year-on-year.

International markets, mainly the US and Brazil, were the driving force behind the growth, offsetting drops in Spain, the group said.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 16.7% to EUR 9.5 million, with net revenues arriving at EUR 37.9 billion, up by 35.4%.

The electricity production and customers business, where renewables, conventional generation and retail are lumped together, increased net profit by 33% on the year to EUR 1.9 billion. This business was profitable in all of Iberdrola’s markets -- Spain, the US, UK, Mexico, Brazil and countries clubbed together into the Rest of the World group, according to the financial results.

Iberdrola’s networks business posted a profit of EUR 1.6 billion, up by 56.7%.

The results led the group to stand by its forecast, expecting to a net profit of EUR 4 billion to EUR 4.2 billion for the full year.

(EUR 1.0 = USD 1.003)

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