October 24, 2018 / 6:22 AM / 24 days ago

Spain's Iberdrola 9-month core profit rises 22.5 pct y/y

MADRID, Oct 24 (Reuters) - Spain’s Iberdrola reported a 22.5 percent rise in core earnings in the nine months to September on Wednesday, boosted by its Brazilian business, recovering hydro-power production in Spain after last year’s drought, and new renewable assets.

Earnings before interest, tax, depreciation and amortisation rose to 6.72 billion euros ($7.7 billion) in the first nine months of the year for the supplier of energy to more than 30 million people in countries including Spain, the United States and Britain.

But net profit fell 13.5 percent to 2.091 billion due to an unfavourable comparison with last year, when it received a dividend from the merger of wind-power business Gamesa - of which it owned almost 20 percent - with the wind division of Germany’s Siemens. ($1 = 0.8730 euros) (Reporting by Isla Binnie; Editing by Paul Day)

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