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Iberdrola, the parent group of Scottish Power, has reported a 6.8 per cent drop in Q1 profits from its UK networks business and a 3 per cent fall from the generation and supply part of the UK business for the same period.
The company said the network business’s Ebitda of €288.5 million is in line with expectations and reflects the phasing of investment in the distribution and transmission networks. It added that the 3 per cent fall in UK generation and supply Ebitda to €224.6 million was due to milder weather in the first three months of the year.
Renewables Ebitda in the UK was down 27% to €108.4m in Q1 2016, compared to a record first quarter in 2015.
At a group level, Iberdrola recorded a Q1 net profit of €868.7 million, a 3.3 per cent increase on the same period of the previous year. Ebitda was €2.08 billion in the first three months, down by 6 per cent, which the company said was “due to atypical factors recorded in the quarter, which are likely to be offset during the year”.
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