BILBAO (dpa-AFX) - Iberdrola SA (IBDSF.PK), a Spanish renewable energy company, on Wednesday registered an increase in net profit for the first-quarter. In addition, the firm has revised up its annual earnings outlook.
Ignacio Galan, Executive Chairman of Iberdrola, said: 'The first quarter has seen strong operating performance in all markets, with greater contribution from our increased networks asset base and improved renewables production. Our record investment levels in the first quarter will drive a total spend of €12 billion euros this year.'
For the three-month period, the company posted a net profit of 2.76 billion euros, higher than 1.49 billion euros, reported for the same period last year.
EBITDA increased to 5.86 billion euros from previous year's 4.07 billion euros.
Looking ahead, for the full year, the company now projects high-single-digit net profit growth compared with its earlier projection of a growth between 5 percent and 7 percent.
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