Iberdrola Nine-Month Net Profit Rose 18%
November 07 2017 - 3:25AM
Dow Jones News
By Marc Bisbal Arias and Alberto Delclaux
Iberdrola SA (IBE.MC) said Tuesday that its nine-month net
profit was up 18% year-on-year, aided by the company's
reorganization in Brazil and an extraordinary merger dividend from
Siemens Gamesa Renewable Energy SA (SGRE.MC).
Net profit was 2.42 billion euros ($2.81 billion) compared with
EUR2.04 billion in the year-earlier period. Revenue grew 3.5% to
EUR22.28 billion.
Net profit was boosted by results from non-current assets, which
included EUR255 million from the merger between Spain's Gamesa and
the wind-energy operations of Siemens AG (SIE.XE)--including EUR198
million from the extraordinary merger dividend--and capital gains
of EUR521 million from Iberdrola's reorganization in Brazil, the
company said.
Iberdrola added that adverse hydrological conditions in Spain,
which caused production to drop by 9,000 gigawatt hours, had a
negative impact of EUR400 million in earnings before tax, interest,
depreciation and amortization.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com and
Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
November 07, 2017 03:10 ET (08:10 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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