Iberdrola posts higher profits

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Spanish power group Iberdrola reported on Thursday that first-quarter net profits rose 10.1 percent to 1.015 billion euros ($1.644 billion) as a result of its strategy of international expansion.

The outcome beat the expectations of analysts contacted by Dow Jones Newswires, who had predicted profits of 927 million euros.

The group's earnings before interest, tax, depreciation and Amortisation (EBITDA) -- a key measure of profitability -- rose 4.4 percent to 2.27 billion euros.

In January Iberdrola acquired Brazilian energy company Elektro from Britain's Ashmore Energy International for $2.4 billion.

It has also said it plans investments of 4.8 billion euros in Britain and 7.0 billion euros in the United States by 2012.

The group posted net profits for 2010 of 2.87 billion euros, up 1.7 percent.

© 2011 AFP

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