Strong renewables growth helps Iberdrola beat profits forecasts

Spanish utility giant Iberdrola saw net profits of €2.4bn ($3.1bn) in the first nine months of the year, higher than analysts' forecasts, partly thanks to a strong showing by its renewables operations.

Iberdrola says net profit from its international activities rose by 52%, while profits in Spain fell by 36%.

Earnings before interest, tax, depreciation and amortisation (Ebitda) were €5.78bn, thanks mainly to its networks and renewables divisions, which between them contributed 76% of the total. Revenues rose 8% to over €25bn.

Ebitda from renewables rose by 16.4% to €1.18bn, Iberdrola says, making it the business that grew most in the period.

In Spain renewables Ebitda rose 19.3%, making it the only business area in the country to grow during the nine months.

Installed capacity rose 6.5%…

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