New markets help Iberdrola

 
City A.M. Reporter
IBERDROLA posted a two per cent rise in first-half core profit yesterday thanks to diversification away from its energy business in Spain into new markets like Brazil, the US and Britain.

Its underlying earnings before interest, taxes, depreciation and amortisation reached €4.1bn (£3.2bn), driven by a 12.2 per cent rise in its renewables business.

The company’s chairman Ignacio Galan also reiterated that Iberdrola is considering buying back the shares held by state-rescued lender Bankia, which controls 5.3 per cent of the firm.