BILBAO (dpa-AFX) - Iberdrola, S.A. (IBDSF.PK) Wednesday reported profit before tax of 4.842 billion euros for the first half, 19.5% lower than 6.012 billion euros in the comparable period last year. In the prior-year period, the company recorded a gain of 1.7 billion euros from thermal generation assets divestment.
Operating profit declined to 5.467 billion euros from 6.859 billion euros in the prior year. Excluding thermal generation asset divestment, adjusted Operating profit increased 6.3%.
EBITDA, or earnings before interest, taxes, depreciation, and amortization decreased 13.8% to 8.287 billion euros from 9.614 billion euros a year ago. However, adjusted EBITDA increased 4.9%.
Net profit fell to 3.562 billion euros from 4.134 billion euros last year, while adjusted net profit grew 20% year-on-year.
Revenue for the period grew 0.5% to 22.743 billion euros from 22.637 billion euros in the previous year.
Additionally, Iberdrola said it has raised 5 billion euros to invest in electricity grids in the U.S. and UK
Looking ahead, the company has reaffirmed its full-year net profit outlook of double-digit growth. It also noted that the new tariffs will not have any impact on its results.
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