THE biggest companies listed on Spain’s stock exchange made more than €30.7 billion in profits between them from January to September this year, about 1.6 per cent less than 2017.
Total profits for companies in the IBEX 35, the stock market’s benchmark index, were hit by more than €3.4 billion in extraordinary accounting losses from the Naturgy gas firm.
If these losses are excluded the firms made almost €33.8 billion in total, an increase of 10.9 per cent compared to the first nine months of last year, figures show.
The figures exclude those from the fashion firm and owners of Zara Inditex, which posts its profit figures two months after other IBEX companies. Data from the supermarket chain Dia is also not included.
Santander led IBEX firms in earnings, making more than €5.7 billion during the first nine months of this year. That is an increase of more than 13 per cent compared to the same period last year.
Other banks including BBVA, CaixaBank and Bankia also posted earnings of about €4.3 billion, almost €1.8 billion and €744 million respectively.
The IAG airline group, which owns Iberia and British Airways, saw the largest year-on-year increase in profits with a rise of 57.4 per cent to more than €2.5 billion.
In the energy sector, Endesa made almost €1.2 billion, an increase of almost 10 per cent, while Iberdrola’s profits fell by 13.5 per cent to more than €2 billion.
Naturgy and the Cellnex telecommunications company were the only two companies to post losses.
The figures come amidst concerns over an economic slowdown Spain due to rising oil prices, the tariff trade wars provoked by the United States and ongoing uncertainty over Brexit.