Iberdrola’s revenue jumps 50% as deal with U.S., Britain pays off By Reuters
By Pietro Lombardi
MADRID (Reuters) -Europe’s largest utility Iberdrola (OTC:) posted on Wednesday a 50% enhance in web revenue for the primary 9 months of the yr, in an indication that its deal with Britain and the USA is paying off.
That is a part of a broader shift towards constructing and upgrading energy grids whereas taking a extra selective method towards renewables, with a desire for offshore wind tasks.
Internet revenue for the interval was 5.47 billion euros ($5.91 billion), the Spanish firm stated. This compares with 3.64 billion euros a yr earlier.
“Our continued main funding drive is delivering new renewables tasks and controlled property, and the contribution to outcomes of our elevated offshore wind capability underlines the rationale why funding on this expertise was a key pillar in our strategic plan,” Government Chairman Ignacio Sanchez Galan stated in an announcement.
Core earnings – earlier than curiosity, tax, depreciation and amortisation – rose 23% to 13.27 billion euros.
The Spanish firm, which has improved the outlook for the yr within the earlier two quarters, credited its operations in Britain and the U.S. as the principle drivers of its efficiency.
It expects web revenue to extend by 14% this yr, according to the expansion in interim dividend set at 0.23 euros per share.
($1 = 0.9255 euros)
