Spain's power giant Iberdrola posts sales slump in Q3 on weak demand
AFPMADRID--Spain's power giant Iberdrola on Wednesday posted a slump in sales in the third quarter of 2013, blaming weak demand for electricity and gas in the struggling economies of the eurozone.
October 24, 2013, 12:07 am TWN
Revenue dropped 10.5 percent from the level a year earlier to 7.38 billion euros (US$10.1 billion) in the three months to the end of September, the group said in a statement.
For the first nine months of 2013 combined, revenue fell 4.0 percent from a year earlier to 24.2 billion euros.
Iberdrola reported a net profit of 546.7 million euros in the three months to September 30, emerging from a year-earlier loss of 6 million euros.
For the first nine months of the year combined, the group said net profit fell 3.0 percent to 2.27 billion euros.