Iberdrola profits jump 50% after focusing on the U.S. and Britain

Iberdrola, Europe's biggest utility, announced on Wednesday that it had increased its net profit by 50% for the first nine-month period of the year. This is a good sign as this shows the company's focus on Britain and America has paid off.

This is part a larger shift towards building and upgrading electricity grids. A more selective approach to renewables will be taken, with a preference given to offshore wind projects.

The spanish company reported a net profit of 5.47 billion euro ($5.91 billion) for the period. The company reported a net profit of 5.47 billion euros ($5.91 billion) for the period.

In a press release, Executive Chairman Ignacio Sanchez Galan stated that "our continued major investment drives is delivering new Renewables Projects and regulated Assets. The contribution to our results of our increased off-shore wind capacity underscores the reason why investing in this technology was an important pillar in our strategy."

Core earnings (before interest, taxation, depreciation, and amortization) rose by 23% to 13,27 billion euros.

The Spanish company has attributed its success to its operations in Britain, and the U.S.

The company expects its net profit to grow by 14% in this year in line with an increase in the interim dividend, set at 0.23 euro per share.

(source: Reuters)