EDP EDP Energias DE Portugal SA

By Anna Perez

MADRID--Spanish power utility Iberdrola SA (IBE.MC) said Wednesday that first-quarter net profit slipped 0.7% as the year-earlier figure was inflated by gains from the sale of a stake in Portuguese power company EDP-Energias de Portugal SA (EDP.LB).

Net profit was 841 million euros ($923.7 million) compared with EUR847 million in the same period last year. Last year's figure was boosted by a gain of EUR98 million from the sale of Iberdrola's EDP-Energias de Portugal stake.

Meanwhile, revenue rose to EUR8.78 billion from EUR8.33 billion.

Production of electricity fell 7.6% in the first quarter from the previous year, dragged down by declines in Spain and the U.S.

Iberdrola has the largest renewable asset base of any company in the world, with 14,652 megawatts of installed capacity in Europe and the Americas.

-Write to Anna Perez at Anna Perez