Brazil asset sales help boost Iberdrola Q1 profit
Spanish utility Iberdrolaposted an increase in first-quarter net profits helped on by international operations and the sale of assets in Brazil.
But business in its home country suffered a slump, the Bilbao-based company reported.
First-quarter net profit was up 8.4% to 952.6mn euros (US$1.32bn) compared to same-period last year.
Iberdrola's funds from operations increased 2.9% to 1.6bn euros in Q1, while investments totaled 589mn euros. Business outside Spain grew 22.3% while in Spain it fell 25.2%.
In February, Iberdrola sold a 22.6% stake in Brazil hydro operator Itapebi Geração de Energia for around US$137.2mn to Brazilian holding company Neoenergia as part of the Spanish firm's 2bn-euro asset divestment plan.
Itapebi owns the 462MW Itapebi hydroelectric power plant, in Bahia state. Iberdrola now has a 39% indirect holding in Itapebi Geração de Energia through its 39% stake in Neoenergia.
Meanwhile, Iberdrola's sale of its stake in Energias de Portugal generated a gross capital gain of 76mn euros, the company reported.
Total power generation increased by 9.1% during Q1 to 39,477GWh, of which 9,117GWh corresponded to Latin America, a 3.3% regional increase on 1Q13.
Iberdrola reported Q1 growth in Mexico after being awarded the 300MW Baja California III combined cycle plant contract from state power company CFE. Iberdrola also submitted a tender for the 900MW Norte III plant.
The firm will also add 300MW in Mexico with a new Monterrey plant, bringing total operating capacity in the country to 6.5GW by 2016.
Wind power generation in Mexico increased by 1.4% during the quarter.
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