Bonheur's offshore wind segment turns to Q1 loss, renewables improve

Norwegian energy and shipping firm Bonheur ASA (OSL:BON) said today that its renewables segment has raised its net profit in the first quarter of 2015 unlike the shipping and offshore wind division, which turned to a loss.

The renewables segment, which includes wind farm operator Fred. Olsen Renewables AS and subsidiaries, improved its bottom line to NOK 139 million (USD 18.7m/EUR 16.6m) from NOK 80 million, as operating revenues jumped to NOK 392 million due to higher output and exchange rates.

The following table shows the Q1 results of Fred. Olsen Renewables and its units.

Figures in NOK	Q1 2015	Q1 2014
Operating revenues	392 million	281 million
EBITDA	310 million	220 million
EBIT	209 million	150 million
Net profit	139 million	80 million
Power generation	488 GWh	424 GWh

Meanwhile, the shipping and offshore wind division turned to a net loss of NOK 47 million, including an unrealised exchange loss on revaluation of inter-company loans. This business comprises offshore wind farms installer Fred. Olsen Windcarrier AS and turbine foundations supplier Universal Foundation Norway AS.

The table below presents the results of Bonheur’s shipping and offshore wind division.