Bonheur's Fred. Olsen Renewables turns profitable in Q2

Jul 19, 2013 - Norwegian energy and shipping firm Bonheur ASA (OSL:BON) said today its renewable energy arm had turned to a NOK-52-million (USD 8.7m/EUR 6.6m) profit in the second quarter from a loss of NOK 55 million.

The company explained that the segment, which includes Fred. Olsen Renewables AS and subsidiaries, saw its performance improve thanks to capacity additions and more wind. The division has 428 MW of installed wind power capacity in Scotland and Norway and is developing additional projects in the UK, Norway and Sweden and off Ireland’s coast.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to NOK 94 million from NOK 35 million.

Operating revenues for April-June were NOK 138 million, up from NOK 81 million previously. Bonheur renewable energy operations generated 224 GWh for the period, doubling the 113 GWh from a year before.

For the first six months of 2013, Fred. Olsen Renewables AS booked a net profit of NOK 73 million, up from NOK 1 million, and saw revenues grow to NOK 297 million from NOK 264 million.

(NOK 10 = USD 1.675/EUR 1.275)

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