Spanish utility Iberdrola SA (IBE.MC) said Thursday that net profit rose 1.3% last year as the contribution of its foreign operations offset continued weakness in its home market, where a year-long recession is weighing on energy demand.

Iberdrola posted a net profit of 2.84 billion euros ($3.8 billion), compared with EUR2.8 billion in 2011. An average of 20 estimates in a Factset poll of analysts forecast 2012 net income of EUR2.84 billion.

The results come after Iberdrola damped down expectations for 2012, relative to its previous guidance for annual profit growth of between 5% to 9% from 2010 to 2012.

Spain , which continues to suffer from the economic effects of the collapse of a decade-long housing bubble, is a particular weak spot for Iberdrola. The contribution to net profit from Iberdrola's operations in the country fell 36% and is now at levels last seen a decade ago.

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