BILBAO (dpa-AFX) - Iberdrola SA (IBDSF.PK), a Spanish electric utility firm, on Wednesday reported an increase in earnings for the first-quarter, driven by strong operating performance and new investments, including the recovery of retail deficits in the UK and normalization of emissions-free generation in the EU.
Ignacio Galán, Iberdrola Executive Chairman, said: 'The first quarter has seen strong operating performance across the world, with normalization of renewable production and continuing stabilization in wholesale and retail markets after the challenges experienced in the same period last year.'
For the three-month period, the Bilbao-headquartered firm posted a net profit of 1.49 billion euros, higher than 1.05 billion euros, posted for the same period of 2022.
EBITDA climbed by 38 percent to 4.1 billion euros from last year.
Looking ahead, for full year 2023, the company projects improvement to net profit growth outlook of mid to high single digit, with a more normalized distribution of quarterly net profit during the rest of the year, after a first quarter abnormally low in 2022.
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