Chorus Clean Energy posts EUR-1.4m loss in Q1 2016

German solar and wind parks operator Chorus Clean Energy AG (FRA:CU1) today reported a net loss of EUR 1.4 million (USD 1.6m) for the first quarter of 2016 on revenues of EUR 10.1 million.

Its revenue declined because of lower solar radiation, resulting in a nearly 15% drop in solar revenues to EUR 7.2 million. Wind power revenue, meanwhile, grew by 50% to over EUR 5.2 million.

As announced on Monday, German sector player Capital Stage AG (ETR:CAP) is launching a voluntary takeover offer for all of Chorus with the goal of creating a new company with over 900 MW of capacity. It is offering around EUR 11.52 per Chorus share.

The table contains the target company’s January-March results.

“In May, we acquired an additional wind park in Germany and are currently involved in several promising negotiations on the potential purchase of further parks both in Germany and abroad. More than EUR 70 million in liquid funds is available for the continued realization of our expansion strategy,” CEO Holger Goetze said.

As of March 31, equity for Chorus stood at EUR 228.9 million, as compared to EUR 230.3 million a year back.

(EUR 1 = USD 1.116)

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