Swedish onshore wind farm developer Arise AB (STO:ARISE) saw EBITDA fall to SEK 21 million (USD 2.3m/EUR 2.1m) in the third quarter of 2016 from SEK 29 million a year ago on a steep decline in net sales.
Reflecting lower generation due to weaker winds in southern Sweden and sustained low electricity and certificate prices, net sales in the quarter dropped to SEK 77 million from SEK 198 million. The company said electricity prices are at the same time continuing to recover and it is cautiously optimistic about the future price trend.
The results were also affected by lower income recognition in development and management.
Production declined to 121 GWh from 141 GWh, with 68 GWh coming from Arise's own wind power operations and 53 GWh from co-owned facilties.
Net loss improved to SEK 22 million from SEK 160 million in the same quarter of 2015, when there were SEK 174 million of impairments and provisions.
In the nine-month period net loss was SEK 51 million, compared to a loss of SEK 152 million a year ago, while net sales declined to SEK 303 million from SEK 336 million.