Iberdrola 1st Half Net Profit Rose But Coronavirus Hit Demand

   By Giulia Petroni

Iberdrola SA said Wednesday that net profit rose in the first half of the year but that results were affected by a fall in demand and late payments due to Covid-19.

The Spanish utility company said net profit for the period came in at 1.84 billion euros ($2.11 billion) compared with EUR1.64 billion a year earlier. The rise was also the result of the capital gain generated by the sale of its stake in Siemens Gamesa.

Revenue decreased to EUR16.47 billion from EUR18.28 billion, the company said.

Earnings before interest, taxes, depreciation and amortization fell to EUR4.92 billion from EUR4.99 billion the previous year due to coronavirus-related effects.

Iberdrola said it isn't able to provide a precise estimate of the future effects of the virus on its earnings in the coming months, but that it doesn't expect the crisis to significantly hit its projections once economies have fully recovered.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

July 22, 2020 02:52 ET (06:52 GMT)

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