Iberdrola Posts Rise in Net Profit as Weak Euro Boosts UK, US Businesses

By David Roman

MADRID--Spanish power utility Iberdrola SA (IBE.MC) on Wednesday posted a 7.8% increase in net profit for the January-September period from the same stretch last year, as a weak euro boosted the contributions of its British and U.S. units.

Iberdrola, the largest renewable energy producer in the world, said net profit stood at 1.92 billion euros ($2.18 billion), up from EUR1.78 billion in the first nine months of 2014.

Operating profit rose 5.8% to EUR5.43 billion. Iberdrola's power output fell 1.6% during the period from the previous year, mostly the result of declines in Spain's market, plagued by overcapacity in recent years after new generation plants were added at a breakneck pace in the first decade of the century.

The company has 45,468 megawatts of installed capacity in Europe and the Americas.

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October 21, 2015 03:02 ET (07:02 GMT)

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