BILBAO (dpa-AFX) - Spanish utility Iberdrola (IBDSF.PK) reported Thursday that its first-half net profit increased 4.2 percent year-over-year to 1.52 billion euros.
The US subsidiary, AVANGRID, 81.5% owned by Iberdrola, recorded a net profit of $359 million, an increase of 14%.
Net operating profit or EBITDA attained 3.75 billion euros, down 3.6% year on year.
The company noted that Ebitda shows signs of recovery throughout the year, compared to the 8.2% decrease in the first quarter of 2017.
Of the total amount, more than 80% comes from regulated businesses or from long-term contracts.
Group revenue reached 15.167 billion euros, up 1.8% year on year while gross margin was 6.851 billion euros, up 1.1%.
Looking ahead, the company noted that expected business performance for the second half of the year allows for a similar net profit growth estimate and the continuation of the policy of increased shareholder remuneration in line with results.
Meanwhile, Iberdrola keeps delivering on its 2016-2020 outlook with over 90% of investments already committed and new growth projects beyond 2020 focused on renewables, storage, and transmission and distribution networks.
Iberdrola shares were trading at 6.95 euros, down 1.05%.
Copyright RTT News/dpa-AFX