BILBAO (dpa-AFX) - Iberdrola (IBDSF.PK) reported Wednesday that its first-quarter net profit increased 3.3 percent to 868.7 million euros from 840.8 million euros last year.
Recurring net profit grew 5.1 percent to 837 million euros, on track to meet annual targets.
Net operating profit or EBITDA stood at 2.008 billion euros in the first three months, down by 6 percent. Excluding items and exchange rate impacts, EBITDA edged up 0.2 percent.
Funds from operations or FFO grew 2.3 percent, while net investments are up 51.1 percent, standing at 895.6 million euros.
Looking ahead, the company said it is in a position to reaffirm its outlook for the end of the year, with an estimated increase in profits of around 5 percent, citing the levels of performance expected from the businesses in the remainder of 2016.
In particular, Iberdrola expects a positive performance in Networks, and for Generation & Retail and Renewables to improve on or at least maintain the results obtained the previous year.
Further, the company said it is progressing implementation of its Strategic Outlook for 2016-2020, which was presented last February. The company is now working on the construction of new wind farms and regulated generation power plants, with a total capacity of nearly 5,000 megawatts.
The company also said its Board of Directors has approved a new edition of the 'Iberdrola Flexible Dividend' scrip dividend scheme, offering at least 0.123 euro gross per share plus 0.03 euro gross per share in cash, bringing the second tranche of shareholder remuneration to 0.153 euro gross per share, a 7 percent increase from July 2015.
The Board also implemented the 2.46 percent share capital reduction approved at the AGM to keep total number of shares in Iberdrola at 6.24 billion.
Copyright RTT News/dpa-AFX