Iberdrola Profit Drops as Spain Renewable Subsidy Cuts Hit
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Iberdrola SA, Spain’s largest utility, said first-half profit dropped 13 percent after a reduction in renewable-energy subsidies took full effect.
Net income fell to 1.5 billion euros ($2 billion) from 1.7 billion euros a year earlier, the Bilbao-based company said today in a statement. That met the average estimate of two analysts surveyed by Bloomberg. Sales fell 4.5 percent to 15.2 billion euros.