By Gianluca Baratti
Oct. 23 (Bloomberg) -- Iberdrola SA, the world's largest owner of wind-power plants, said nine-month profit rose 54 percent as earnings increased from its renewable energy unit and international subsidiaries, including Scottish Power Ltd.
Net income advanced to 2.48 billion euros ($3.17 billion) from 1.61 billion euros a year earlier, Iberdrola said today in a regulatory filing. The median estimate of seven analysts in a Bloomberg survey was for profit of 2.49 billion euros. Sales rose to 17.8 billion euros from 11.4 billion euros.
Iberdrola maintained its forecast for net income of more than 3.5 billion euros in 2010, and said it will meet this year's target of 27 percent growth in earnings per share.
Scottish Power, the U.K. utility bought by Iberdrola in November 2006, contributed 28 percent of the Bilbao, Spain-based company's earnings before interest, tax, depreciation and amortization, which increased to 29 percent to 4.92 billion euros.
About 16 percent of Ebitda came from Iberdrola Renovables SA, the company's 80 percent owned renewable energy unit, which yesterday posted a fivefold increase in nine-month earnings to 230.8 million euros.
Iberdrola rose 3 cents, or 0.5 percent, to 5.55 euros in Madrid trading as of 10 a.m. local time.
To contact the reporter on this story: Gianluca Baratti in Madrid at ptobin@bloomberg.net
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