Iberdrola recorded a net profit of €793m (£711.6m) in the first quarter of 2009, a fall of 34.2 per cent over the same period last year, which it partly attributed to declining business in
The diversification of its business, however, enabled the company to offset the lower income from
The company said that the contribution of ScottishPower, Energy East and Iberdrola Renovables was the key to sustaining its business in the negative economic climate.
Despite the situation in
The company has continued to diversify and grow its generation assets around the world, which now stand at 43,670MW, a rise of six per cent over the same period last year.