Clean energy yieldco Atlantica Yield Plc (NASDAQ:AY) today reported a nearly 75% year-on-year drop in first-half (H1) net profit to USD 17 million (EUR 15.2m).
The difference came as revenues contracted due to the depreciation of the euro against the US dollar, and because the prior-year result included USD 36.9 million of financial income, which was not repeated in the current year. Still, cash available for distribution (CAFD) climbed by 5.3% to USD 94.5 million.
Further adjusted earnings before interest, tax, depreciation and amortisation (EBTIDA) were down by 7.4% to USD 410.5 million. These would have increased by 5.8% if not for the unfavourable currency effects and a one-time non-cash gain of USD 39 million in H1 2018.
First-half revenues amounted to USD 504.8 million, down from USD 513.1 million. In constant currency, Atlantica Yield’s revenues would have grown to USD 527.3 million.
Revenue from renewables in the period inched slightly down to USD 380.1 million from USD 392.2 million. In mid-2019, the company had 1,496 MW of wind and solar farms in operation, which produced 1,651 GWh for the six months. The remaining revenue came from efficient natural gas, transmission lines, and water infrastructure.
Operations in Europe, the Middle East and Africa (EMEA), fetched roughly half of Atlantica Yield’s revenues and further adjusted EBITDA.
(USD 1 = EUR 0.89)
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