Construction activities boost Scatec Solar's Q2 fin results

Norwegian independent solar power producer Scatec Solar ASA (OSL:SSO) today reported increases in both revenues and EBITDA for the second quarter of 2018 on a proportionate basis.

The company said that proportionate earnings before interest, tax, depreciation and amortisation (EBITDA) have risen to NOK 266 million (USD 32.5m/EUR 27.7m) from NOK 100 million, with revenues surging to about NOK 1.3 billion from NOK 167 million a year back. It attributed the improvement to a significant increase in Development & Construction (D&C) activities and noted that building works are progressing for 1.1 GW of solar projects in Malaysia, Brazil, Honduras, Mozambique, Egypt and South Africa.

For the second quarter, Scatec Solar posted a net profit of NOK 81 million versus none a year earlier.

“We continue to see attractive market opportunities with a target of reaching a capacity of 3.5 GW by end of 2021," said CEO Raymond Carlsen. The company secured 117 MW in Argentina and 130 MW in Ukraine in the past quarter and its total project backlog and pipeline rose to 4.5 GW.

On a consolidated basis, revenues went up to NOK 286 million from NOK 279 million, and EBITDA declined to NOK 212 million from NOK 217 million in the same period of 2017.

(NOK 1.0 = USD 0.122/EUR 0.104)

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