Aqualis turns to profit in Q1 2017

Wind turbines at sea. Author: Harvey Barrison. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

April 28 (Renewables Now) - Norwegian energy consultancy Aqualis ASA (OSL:AQUA) reported a small profit for the first three months of 2017, versus a loss of USD 2.36 million (EUR 2.2m) a year ago.

The company is active in the oil and gas, and offshore wind industries, and also in solar through ADLER Solar in which it holds 49.9%. Offshore Wind Consultants (OWC) had high activity level in the quarter and secured several contracts, including project management services for the 50-MW Kincardine floating offshore wind farm in Scotland.

Results in USD thousands Q1 2017 Q1 2016
Total revenue 7,550 6,860
EBIT (loss) 220 (1,521)
After-tax profit (loss) 100 (2,358)

Aqualis said results for the first quarter have been hurt by a loss in the solar subsidiary and challenging market conditions in oil and gas. The activity level in the latter market is weak and very competitive. On a more positive note, demand for ADLER Solar’s services is seen to improve and the business is targeting break even in the second quarter of 2017, subject to increased market penetration for new services and current market outlook.

The growth in revenue was mainly due to increased activity in the Middle East, China and Europe. The order backlog at the end of March rose to USD 10 million, following a number of new contracts, including larger renewable, marine and engineering jobs.

(USD 1 = EUR 0.92)

More stories to explore
Share this story
About the author
Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription