(MENAFN- AFP) Spain's electricity giant Iberdrola said Wednesday its 2018 net profit rose 7.5 percent to 3.01 billion euros, its best-ever result, thanks to a boost in its wind and hydro energy output.
"It is the first time the group's earnings have exceeded three billion euros," the Bilbao-based group said in a statement.
Turnover rose 12.2 percent to 35.1 billion euros ($39.8 billion), it said.
Sales in the company's renewable energy branch, meanwhile, rose 28 percent thanks to a rise in production of wind, hydro and to a lesser extent solar energy.
Gas and coal production dropped last year.
The production of hydroelectricity in Spain and Portugal soared 74 percent compared to a particularly dry year in 2017.
In Brazil, where Iberdrola owns dams, demand increased.
Iberdrola CEO Ignacio Galan said the profit generated "encourages us to continue pushing for the transition to a low carbon economy".
"The fight against climate change is an opportunity," he added in a statement.
MENAFN2002201901430000ID1098146322
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.