Asset sales carried out under the 2008-10 Strategic Plan realized capital gains in excess of initial estimates.
IBERDROLA 1ST QUARTER NET PROFIT ROSE 162% TO €1,204 MILLION, REFLECTING THE INCORPORATION OF SCOTTISHPOWER AND RENEWABLES PERFORMANCE
Company lifts earnings per share by 90% to €0.24 and consolidates as world’s 4th largest electricity group with market cap of more than €49 billion
First Fruits Of Strategic Plan
- Solid operating performance and increased efficiency at ScottishPower led to the company contributing 28.3% to Group Ebitda (€507.2 million)
- Strong contribution from Iberdrola Renovables, whose net profit (€126.4 million) for the quarter surpassed the entire amount for 2007
Key Operating Aspects In The First Quarter
- Electricity production rose 43.2% to 35,822 million kWh, of which 39% was emission free
- Distributed electricity increased 33% in the period, rising from 34,436 to 45,800 million kWh
Strong Growth In The Quarter
- IBERDROLA Group Ebitda rose 64.7% to €1.79 billion, reflecting strong performance in the UK and the U.S. Traditional business in Spain grew 4% in an environment of low rainfall and high prices for fuel and emission rights
- Efficiency gains were reflected in growth in basic margin (+68.9%) as compared to net operating costs (+58.1%)
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