Iberdrola 9-Months Profit Rose; Results Hit by Covid

   By Giulia Petroni

Iberdrola SA said Wednesday that net profit rose in the first nine months of the year but results were negatively affected by the coronavirus pandemic's hit on demand and payments.

The Spanish energy company said net profit in the period came in at 2.68 billion euros ($3.16 billion), up 4.7% compared to the previous-year period. On an adjusted basis, net profit was EUR2.55 billion.

Earnings before interest, taxes, depreciation and amortization decreased to EUR7.35 billion from EUR7.50 billion.

Revenue fell 8.4% on year to EUR24.25 billion.

"Results for the period were affected by the Covid-19 pandemic," Iberdrola said. "The main direct impacts of the pandemic on the group's business were a fall in demand and late payments."

The company said its board of directors has agreed to a gross interim dividend of at least EUR0.168 a share. The final dividend will be added to this amount after receiving approval at the general meeting.

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

(END) Dow Jones Newswires

October 21, 2020 02:58 ET (06:58 GMT)

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