Iberdrola reports 53% profit leap on ScottishPower

0 Comments | AFP, October, 2008

MADRID (AFP) — Spanish power group Iberdrola said on Thursday that net profits rose by 53.8 percent to 2.48 billion euros in the first nine months, helped by strong performances from its ScottishPower subsidiary and its renewable energy arm.

Earnings before interest, tax, depreciation and amortisation (EBITDA) -- a measure of underlying profitability -- rose 29.1 percent to 4.92 billion euros (6.32 billion dollars) for the period January to September.

Iberdrola said profits were boosted by higher energy prices but offset by economic slowdowns in the companies where it operates.

It said ScottishPower contributed 1.373 billion euros to the Group's EBITDA, 28 percent of the total, due to "increased production, higher prices to end customers and lower net...