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Iberdrola's net profit slips
Spanish electricity company Iberdrola SA said Wednesday its second-quarter net profit fell 5.5% as the consolidation of its Energy East purchase wasn't enough to compensate for falling electricity prices and output.
July 22, 2009
by Bernd Radowitz
in Dow Jones
MADRID -- Spanish electricity company Iberdrola SA said Wednesday its second-quarter net profit fell 5.5% as the consolidation of its Energy East purchase wasn't enough to compensate for falling electricity prices and output.
Net profit fell to €713.5 million ($1.01 billion) from €755 million a year earlier as lower electricity prices in Spain and lower output volumes in Spain, Latin America and Britain prompted a 4.4% drop in revenue to €5.47 billion from €5.72 billion. The consolidation of U.S. energy company Energy East into results in October 2008 as well as capital gains from the June disposal of a 10%... [continue via Web link]
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