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Spain's Iberdrola 9-mth core profit falls 5 pct on drought, lower margins
November 7, 2017 / 8:08 AM / a month ago

Spain's Iberdrola 9-mth core profit falls 5 pct on drought, lower margins

MADRID, Nov 7 (Reuters) - Spanish utility Iberdrola said on Tuesday core profit slipped 5.1 percent in the first nine months of the year as a drought in Spain hit its hydroelectric capacity and on lower demand and margins in Britain.

Earnings before interest, taxes, depreciation and amortisation fell to 5.44 billion euros ($6.31 billion) for the nine months to September 30, a fall partially offset by its international network and renewables business.

Hydroelectric production in Spain fell almost 58 percent.

Net profit rose 18.4 percent to 2.42 billion euros, lifted by a extraordinary dividend from the former wind-power company Gamesa and the re-evaluation of its Brazilian assets, Iberdrola said.

The company will hold a conference call on its earnings at 9:30 a.m. (0830 GMT) with analysts watching for full-year forecasts and guidance on the planned listing of its business in Brazil.

$1 = 0.8626 euros Reporting by Jose Elias Rodriguez; writing by Paul Day; editing by Jason Neely

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