Iberdrola 1st Half Net Profit +78% On Power Generation, Prices

MADRID (MarketWatch) -- Spanish electricity company Iberdrola SA (IBE.MC) Thursday said its net profit rose 78% in the first half, boosted by higher power generation and healthy electricity prices. Iberdrola, which is based in Bilbao, northern Spain and which is the world's biggest wind-power generator, said its net profit rose to EUR1.96 billion for the six months through June 30, from EUR1.10 billion in the year-earlier period. That was higher than the average EUR1.85 billion profit estimate from five analysts polled by Dow Jones Newswires. Spanish electricity prices rose 47% in the first half from a year-earlier period, which boosted Iberdrola's results, said Antonio Cruz, analyst at Banesto in Madrid. Cruz added that "the solid results will have little relevant impact in the market, which is more interested recent... [read full story]