Iberdrola on Wednesday unveiled a 18 per cent year-on-year drop in net profits for the nine months to the end of September, as Spain’s biggest electricity group was hit by a decline in demand and prices, lower extraordinary income, and negative currency factors.

The company said profits for the period were €2bn ($3bn), on revenues up 11 per cent at €19.8bn. Earnings before interest, taxes, depreciation and amortisation rose 0.6 per cent to €4.95bn. The results were in line with expectations, and the shares had lost 1 per cent, to €6.25 by early afternoon in Madrid.