By Giulia Petroni

Iberdrola SA said Wednesday that net profit fell in the first half of the year as results still suffer the hit from the coronavirus pandemic, but to a lesser extent.

The Spanish utility company said net profit came in at 1.53 billion euros ($1.80 billion) in the period compared with EUR1.88 billion for the same period a year earlier. On an adjusted basis, net profit was EUR1.84 billion.

Earnings before interest, taxes, depreciation and amortization increased to EUR5.44 billion, from EUR4.94 billion in the year-earlier period. While earnings felt the weight of reduced demand owing to Covid-19, they benefited from the reversal of the hydroelectric levy in Spain.

Revenue in the first half rose to EUR18.75 billion, from EUR16.47 billion for the same period a year ago.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

July 21, 2021 03:04 ET (07:04 GMT)

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