Iberdrola says it suffers slight fall in first half earnings

21st July 2010, Comments 0 comments

Spanish electricity group Iberdrola said on Wednesday it had suffered a 2.6 percent decline in first half net earnings that it attributed to exceptional factors.

The company noted that in the same period of 2009 it had sold off more assets than it did this year.

Net earnings in the January-June period of 2010 came to 1.467 billion euros (1.9 billion dollars).

The group said its operating surplus rose 11.7 percent to 3.836 billion euros in response to its "diversified activity portfolio."

It added that its energy production increased 14.2 percent from a year earlier, thanks to gains of 119 percent in hydroelectric power, 22 percent in wind power and 11 percent in nuclear power.

Iberdrola shares were showing a gain of 0.54 percent to 5.181 euros on an overall Madrid market that was up 0.86 percent.

© 2010 AFP

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