Iberdrola Sees Profit Jump After Mexico Asset Sale

By Pierre Bertrand

Iberdrola reported an increase in net profit in the first three months of the year, despite a decline in revenue, helped by the sale of assets in Mexico.

The Spanish energy company reported 2.76 billion euros ($2.95 billion) in net profit for the quarter, compared with EUR1.49 billion a year ago, on revenue that fell 18% to EUR12.68 billion.

Earnings before interest, taxes, depreciation and amortization came to EUR5.86 billion, a 44% on-year increase, the company said.

Net production fell by 9.9% on year to 40,904 gigawatt hours and Iberdrola's net owned production also declined in the reporting period by 4.8%, it said.

The company, which in February closed on the multi-billion dollar sale of assets in Mexico, said that deal contributed EUR1.72 billion to the company's earnings in the first quarter, of which EUR1.17 billion to net profit.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

Corrections & Amplifications

This article was corrected at 0803 GMT to reflect Iberdrola's net production in the first quarter fell by 9.9% on year to 40,904 gigawatt hours. The original version incorrectly said net production in the 1Q fell by 9.9% on year to 40.9 gigawatt hours in the penultimate paragraph.

(END) Dow Jones Newswires

April 24, 2024 03:09 ET (07:09 GMT)

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