Iberdrola, Spain's largest electricity company, has announced that it has recorded flat profits in third quarter of 2009 even though the company is recovering fast from the economic slowdown.

The company has predicted its business to improve by the end of the existing year.

The power group has posted a net profit of 552.6 million euros in the third quarter of 2009 as compared to the 522.1 million euros for the corresponding quarter a year ago.

The profit of the company has dropped by 18 per cent to 2.03 billion euros over the first nine months. However, the earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 0.6 per cent during the same period to 4.95 billion euros.

Iberdrola said that the extraordinary gains, weak market demand and falling prices for raw materials, sterling depreciation against the euro and seasonality in British and US demand are the key factors responsible for the decrease in profit.

Mr. Ignacio Sanchez Galan, president Iberdrola, during a conference said that they have potential to achieve positive outcomes in any situation.

Iberdrola is expecting the market demands to rise in U.S. and Britain by the end of the year with the beginning of winter. In U.S. the company is presented by Energy East and in Britain by Scottish Power.

Iberdrola is a global leader in the field of renewable energy. It has started international expansion in 2007 with the undertaking of Britain's Scottish Power.