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Iberdrola net profit €1,505.9 million

Staff writer |
Iberdrola recorded a net profit of €1,505.9 million in the first six months of 2015, up 7.4% on the same period of last year.

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Gross operating profit (EBITDA) increased by 5.7% in the first half to €3,794.5 million thanks to the strong performance of international business which grew by 20%.

Without taking into account the extraordinary impacts recorded in the first half of 2014, EBITDA increased by 9.1%, in line with the first quarter 2015.

Iberdrola's revenues amounted to €16,125.6 million in the first half, up 6.2% on the same period of last year. Gross margin totalled €6,634 million, up 7.5%, thanks to the good performance in the Networks (+15.4%) and Renewables (+17.4%) businesses.

In this context, the company continues to improve operational efficiency: net operating expenditure was reduced by 0.4%, not including the effects of the exchange rate.

Funds from operations (FFO) increased by 9.9% compared to the first half of 2014, reaching €3,031.1 million. This figure is higher than the investments in all of the businesses, which total €1,302.3 million, up 8.6% from the same period last year.

Of that amount, 52% will go towards boosting growth. By business, Iberdrola has allocated 75.6% of its investments to Networks and Renewables: €679.9 million and €304.3 million, respectively.

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