Ellaktor of Greece posts 17% lower wind farms profit
Sep 1, 2014 - Ellaktor (ATH:ELLAKTOR), Greece's biggest construction group, on Friday said first-half 2014 net profit from its wind farms business has declined by 17.3% year-on-year to EUR 2.1 million (USD 2.8m).
Earnings before interest, tax, depreciation and amortisation (EBITDA) also declined by 8.9% to EUR 11.9 million. The division had an installed power generation capacity of 171 MW at the end of June. The next month, Ellaktor listed its renewables arm Eltech Anemos (ATH:ANEMOS) on the Athens Stock Exchange and raised EUR 35.1 million for the development of an additional 93.5 MW of wind projects.
Revenues from the business were down by 11% to EUR 16.9 billion due to weaker wind in the January-June period of 2014, Ellaktor explained.
The Greek company’s consolidated net loss widened to EUR 34.9 million in the period under review from EUR 18.6 million a year before. Ellaktor’s revenues grew 13.7% on the year to EUR 650.4 million.