Iberdrola reports sharp jump in first quarter earnings

Iberdrola reports sharp jump in first quarter earnings

Spanish power group Iberdrola, the world’s largest owner of wind-energy parks, reported Thursday that its first quarter net profit jumped to 1.20 billion euros (1.91 billion dollars) from the year earlier 458 million euros.

In an intial summary on the three months period ahead of a full report due on Monday, the company said earnings before interest, depreciation and amortisation costs (EBITDA) — a broad measure of profit — were up 65 percent.

Divestment of non-strategic assets as laid out in its 2008-10 business plan had produced “better-than-expected” results, Iberdrola said.

The figures were given ahead of the company’s annual general meeting in the northwestern city of Bilbao later Thursday.

Iberdrola has recently attracted media attention amid speculation French power giant EDF could be preparing a bid which the Spanish company has insisted would be unwelcome.

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