IBERDROLA recorded net earnings of €1,728 million in the first half of 2013, down 2% on the same period last year. Gross operating profit (Ebitda) held at levels similar to last year, standing at €4,051 million, a slight decline of 0.9%.
Gross margin improved 5.8% to €6,676.4 million, with increases across all businesses and countries where IBERDROLA operates, except in Brazil which was negatively impacted by a tariff review at Elektro and excess energy costs resulting from adverse climate factors.
Recurring net profit rose 2.8% to €1,402 million, with strong business performance offsetting a sharp increase in levies and taxation that rose 79% during the period to €864 million compared to the €481 million corresponding to the first half of 2012. This amount includes taxes on generation in Spain, amounting to €252 million, and the impact of €95 million from energy efficiency programmes in the UK.
The Company continued to improve operating efficiency with a 7.6% gain compared to the same period last year. Net operating expenses declined 2.2% to €1,762 million driven by efficiency programmes in effect.
To read to full report, please visit Iberdrola website .
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Press release, July 24, 2013; Image: iberdrola