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Iberdrola profits up, useage down

Thu 21st Jul 2011

Electricity provider, Iberdrola, reported how net income grew by 6.6% for the first 6 months of 2011, following a number of cost-cutting measures.

Profit levels reached 1.56 billion euros as sales increased by 1.5% to 15.56 billion euros, the company said upon filing their accounts to regulators. Operating costs fell 3.2% to 1.7 billion euros while financial costs reduced by 22% at 1.35 billion euros.

Iberdrola is streamlining its business to sustain profitability as electricity demand declines in its largest markets. Electricity usage in Spain fell 0.7% on 2010 while in the U.K., where the utility has 3.4 million customers, it decreased by 2.5% as governments cut spending to rein in their budget deficits.

However shares in the utility had increased by as much as 2%, and upon the Madrid markets opening this morning stood 1.4% higher, trading at 5.78 euros.

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