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Iberdrola's profit grows by 86% to 2,760 million in the 1st quarter
Iberdrola reported a profit of 2.76 billion euros in the first quarter of this year, 86% more than in the same period last year, the Spanish energy company announced today.
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Economia Iberdrola
The net profit achieved in the first three months of this year included the accounting of the amount of 1,165 million euros from the sale of assets in Mexico and 238 million euros for the recovery of the deficit in the commercial activity of the United Kingdom.
In a statement sent to the National Securities Market Commission (CNMV), Iberdrola also clarifies that, if these two elements were not taken into account, profit would have registered a 28% year-on-year growth.
In the presentation of the financial results to the analysts, the president of Iberdrola, Ignacio Sánchez Galán, highlighted the "solid operating result" obtained in the period under analysis.
The group's sales amounted to 12,678.5 million euros, 18% less than in the previous year, and the Ebitda (profit before interest, taxes, depreciation and amortization) stood at 5,857 million euros. In the case of excluding the operation in Mexico, the value stood at 4,140 million euros.
Iberdrola also emphasizes that the sale of part of its business in Mexico, completed on February 26, which contributed 5,437 million euros in cash, had an impact of 1,165 million on the net result.
In this way, the operational 'cash flow' reached 3,145 million euros, 14% more in recurring terms, compared to the same period of the previous year.
The company also highlights the record number registered in the investment in the quarter in question, standing at 2,382 million euros, 36% more than in the same period of the previous year.
Of these, 51% corresponded to investments in networks, which grew by 27%, mainly in the case of transmission lines, in which 43,000 million euros have already been invested.
Investment in renewable energies amounted to 42% of the total, with the contribution of 40% of 'offshore' wind energy, according to the statement.
Read Also: Iberdrola invests in a fund dedicated to Portuguese startups (Portuguese version)
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