COPENHAGEN: Danish wind and solar parks operator Greentech Energy Systems A/S (CPH:GES) said today its net profit for the first-half of 2016 has increased to EUR 4.5 million (USD 5m) from EUR 2.5 million a year back.
“Greentech has delivered a good performance over H1 2016, due to favourable wind conditions especially in Southern Europe and despite a decrease in energy price,” said Peter Hostgaard-Jensen, chairman of the board of directors.
Revenue for the six-month period decreased by 6% on the year to EUR 25.3 million because of a decline in energy price that was partially compensated by a positive volume effect on the South-European wind assets.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose anyway, by 7% to EUR 19.2 million, as the decrease in revenue was partially offset by lower operating costs, mainly due to lower local property tax (IMU) in Italy.
The company reaffirmed its outlook for the full year. It continues to expect total EBITDA of EUR 37 million to EUR 39 million and revenue of between EUR 57 million and EUR 61 million.
At the end of June, Grrentech had 263 MW of gross operational wind capacity and 43 MW of solar capacity.
