July 25, 2018 / 6:39 AM / 3 months ago

Spain's Iberdrola H1 core earnings jump 17 pct y/y

MADRID, July 25 (Reuters) - Spanish energy giant Iberdrola reported a 17.1 percent rise in core earnings in the first half of the year on Wedneday, boosted by its Brazilian business and an uptick in hydropower production after drought hit southern Europe last year.

Earnings before interest, tax, depreciation and amortisation rose to 4.44 billion euros ($5.19 billion) for January-June for the supplier of energy to more than 30 million people in countries including Spain, the United States and Britain.

But reported net profit fell 7.1 percent to 1.41 billion due to an unfavourable comparison with last year, when it received a dividend from the fusion of wind-power business Gamesa, in which it held an almost 20 percent stake, with the wind division of Germany’s Siemens.

$1 = 0.8558 euros Reporting by Jose Elias Rodriguez and Isla Binnie; Editing by Paul Day

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