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Red Electrica Q1 profit climbs YOY

Red Eléctrica Corporación SA said its first-quarter normalized net income came to €143.5 million, an increase from €141.5 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 29.2% from 30.2% in the year-earlier period.

Total revenue rose 5.1% year over year to €491.7 million from €467.8 million, and total operating expenses grew 8.9% from the prior-year period to €225.7 million from €207.3 million.

Reported net income came to €166.1 million, compared with €158.7 million in the prior-year period.