BILBAO (dpa-AFX) - Spanish utility Iberdrola (IBDSF.PK) reported Wednesday that its first-quarter net profit declined 4.7 percent to 827.6 million euros from 868.7 million euros last year.
Earnings before interest and tax was down 17.8% from last year to 1.03 billion euros. Consolidated EBITDA, a key earnings metric, decreased 8.2% to 1.86 billion euros. Gross Margin dropped 2.3 percent from last year to 3.57 billion euros.
The company said the results of the first quarter of 2017 were affected by weather conditions in Spain, with low rain levels in Spain that resulted in lesser hydroelectric production and lesser wind power production, as well as by the March 2016 closing of the thermal plant of Longannet in the United Kingdom, and by the competition in the customer market in this country.
Revenues, however, increased 1.3 percent to 8.29 billion euros from 8.18 billion euros a year ago.
Copyright RTT News/dpa-AFX