BILBAO (dpa-AFX) - Spanish utility Iberdrola (IBDSF.PK) reported that its net Profit for the nine-month of 2016 totalled 2.04 billion euros, a 6.4% increase from last year, despite the accounting of non-recurring positive fiscal impacts in the first half of 2015, partially offset by a lower levie in 2016 in the United Kingdom.
The net financial result was -583.8 million euros, improving by 22% compared to the same period last year, as a result of the financial cost drop and the exchange rate hedges carried out at the start of the year, mainly on the Pound Sterling, and this was despite an increase in average debt.
Consolidated EBITDA increases by 4.2% regarding the first nine months of 2015, reaching 5.73 billion euros. EBIT was 3.26 billion euros, 7.6% higher compared with same period of 2015.
Funds Generated from Operations at 30 September 2016 were at 4.72 billion euros, an increase of 9.5% compared to the same period of the previous year.
Recurring net profit was up by 17.0% to 1.96 billion euros, as a result of the positive operating trend reflected in the EBITDA, as well as of the improvement of the Financial Result.
Revenue for the period dropped 9.1 percent to 21.54 billion euros from 23.69 billion euros last year.
Copyright RTT News/dpa-AFX