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Spanish energy company Iberdrola reduces profits in the first quarter

The Spanish energy group Iberdrola reported on Wednesday a decrease in its net profit in the first quarter after seeing its result for the same period of 2020 swollen due to an exceptional capital gain.

The result in this period was 1,025 million euros (USD 1,244 million) against 1,250 million euros in 2020, when it benefited from the sale of its 8% stake in the Spanish-German wind manufacturer Siemens-Gamesa, which represented a capital gain of almost 485 million euros.

This balance is in line with the forecasts of the analysts questioned by the financial information provider Factset.

During this quarter, Iberdrola suffered from the impact of the covid-19 pandemic and unfavorable exchange rates in some of the group’s markets.

Ebitda, the gross operating surplus, only increased by 2% to 2,814 million euros (USD 3,413 million), but without these negative factors, it would have increased by more than 12%, says Iberdrola.

In Spain, the group’s profits stagnated due to “high energy prices and the adverse meteorological impacts of Filomena”, a cold and snowy storm that paralyzed Madrid and much of the country for ten days in January.

The group made up for this with growth in the US, UK and Brazilian markets.

emi / dbh / zm

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