IBDRY Iberdrola SA (PK)

By David Roman

MADRID--Spanish power utility Iberdrola SA (IBE.MC) posted Wednesday a 7.4% increase in first-half net profit from the same period last year, driven by currency effects.

Iberdrola, the largest renewable energy producer in the world, said net profit stood at EUR1.51 billion ($1.64 billion) in the period, up from EUR1.4 billion in the first half of 2014. Strong rallies against the euro by the U.S. dollar and the British pound boosted results for the company, which has significant operations in both countries.

Operating profit fell 1.6% to EUR2.17 billion. Iberdrola's power output fell 5.3% in the half from the previous year, dragged down by declines in Spain and the U.S.

The company has 14,652 megawatts of installed capacity in Europe and the Americas.

Write to David Roman at david.roman@wsj.com