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Red Electrica Q2 profit climbs 5.5% YOY

Red Eléctrica Corporación SA said its normalized net income for the second quarter amounted to 25 euro cents per share, an increase of 5.5% from 23 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €133.3 million, an increase of 5.5% from €126.4 million in the year-earlier period.

The normalized profit margin increased to 26.4% from 25.9% in the year-earlier period.

Total revenue grew on an annual basis to €505.9 million from €489.0 million, and total operating expenses climbed 5.0% year over year to €266.1 million from €253.3 million.

Reported net income rose 5.6% from the prior-year period to €158.3 million, or 29 cents per share, from €149.9 million, or 28 cents per share.