July 22, 2020 / 6:20 AM / 24 days ago

Spain's Iberdrola expects 2020 profit growth despite H1 virus impact

MADRID, July 22 (Reuters) - Spanish renewable energy giant Iberdrola said on Wednesday it expects profit growth this year despite taking a hit in the first half from the strangling effect of the coronavirus outbreak on global electricity demand.

Powering more than 30 million homes and businesses in Spain, the United States, Brazil and Britain, Iberdrola made 1.845 billion euros ($2.13 billion) in first-half reported net profit and said it expected this metric to rise at a mid-high single digit rate in 2020.

This was broadly in line with a 1.847 billion euros average forecast drawn from 23 analysts surveyed by the company. Iberdrola said the figure would have been 153 million euros higher without the effects of COVID-19. (Reporting by Isla Binnie Editing by Jose Elias Rodriguez)

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