Iberdrola SA (IBE.MC) said Tuesday that its nine-month net profit was up 18% year-on-year, aided by the company's reorganization in Brazil and an extraordinary merger dividend from Siemens Gamesa Renewable Energy SA (SGRE.MC).
Net profit was 2.42 billion euros ($2.81 billion) compared with EUR2.04 billion in the year-earlier period. Revenue grew 3.5% to EUR22.28 billion.
Net profit was boosted by results from non-current assets, which included EUR255 million from the merger between Spain's Gamesa and the wind-energy operations of Siemens AG (SIE.XE)--including EUR198 million from the extraordinary merger dividend--and capital gains of EUR521 million from Iberdrola's reorganization in Brazil, the company said.
Iberdrola added that adverse hydrological conditions in Spain, which caused production to drop by 9,000 gigawatt hours, had a negative impact of EUR400 million in earnings before tax, interest, depreciation and amortization.
Write to Marc Bisbal Arias at firstname.lastname@example.org and Alberto Delclaux at email@example.com
(END) Dow Jones Newswires
November 07, 2017 03:10 ET (08:10 GMT)