By Pietro Lombardi
MADRID (Reuters) -Europe’s largest utility Iberdrola (OTC:) posted on Wednesday a 50% improve in web revenue for the primary 9 months of the 12 months, in an indication that its deal with Britain and america is paying off.
That is a part of a broader shift towards constructing and upgrading energy grids whereas taking a extra selective strategy towards renewables, with a choice for offshore wind initiatives.
Web revenue for the interval was 5.47 billion euros ($5.91 billion), the Spanish firm mentioned. This compares with 3.64 billion euros a 12 months earlier.
“Our continued major investment drive is delivering new renewables projects and regulated assets, and the contribution to results of our increased offshore wind capacity underlines the reason why investment in this technology was a key pillar in our strategic plan,” Govt Chairman Ignacio Sanchez Galan mentioned in an announcement.
Core earnings – earlier than curiosity, tax, depreciation and amortisation – rose 23% to 13.27 billion euros.
The Spanish firm, which has improved the outlook for the 12 months within the earlier two quarters, credited its operations in Britain and the U.S. as the principle drivers of its efficiency.
It expects web revenue to extend by 14% this 12 months, consistent with the expansion in interim dividend set at 0.23 euros per share.
($1 = 0.9255 euros)
