http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar/iberdrola-hits-e1bn-in-q1-profit-for-first-time.html

Spanish renewable energy producer Iberdrola made its first billion in net profit in the opening quarter of 2011, reaping over €1.01bn.

The quarter saw it acquire and merge Elektro with its prolific renewable energy development arm Iberdrola Renovables.
The Iberdrola group’s installed energy capacity rose to above 45.4GW in a quarter in which it produced more than 39,500 million kWh of electricity.
Its sales rose 10.4 per cent to more than €8.48bn and its operating cash flow increased 10.6 per cent to over €1.67bn.
Its net profit was up ten per cent, while the rise of its EBITDA was a more gradual 4.4 per cent to €2.2bn.
Part of its success was attributed to lower wholesale prices affecting businesses in Spain, which fell 20 per cent below the average, while high taxation taxed its EBITDA result.
Iberdrola said its first quarter results were made possible by international activity, business efficiencies and a 24 per cent reduction in financing costs.
The group has been able to improve its shareholder returns by more 158 per cent in the last decade.