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Ellomay reports wider net loss in H1 2019

Solar module. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.

October 1 (Renewables Now) - Israel-based Ellomay Capital Ltd (TASE:ELLO) widened its net loss to EUR 4.4 million (USD 4.8m) in the six months of 2019 from EUR 1.13 million recorded in the same period last year.

Half-year earnings before interest, taxes, depreciation and amortisation (EBITDA) went slightly down to EUR 2.3 million from EUR 2.4 million, as stated in the financial report.

The renewable energy company, which operates in Europe and Israel, said that revenues rose to EUR 10.3 million, compared to EUR 8.2 million posted in the first half of 2018, receiving a boost from the start of operations of Ellomay’s waste-to-energy plant in the Dutch town of Oude-Tonge and higher levels of solar radiation in Italy.

Project development costs climbed to EUR 2.7 million by the end of June, from EUR 1.8 million in the same period last year, with Ellomay saying the increase was due to consultancy expenses related to the 156-MW Manara pumped-storage hydropower plant in Israel.

Ellomay highlighted that construction of its majority-owned 300-MW Talasol solar photovoltaic (PV) project in Spain is proceeding as planned. The company is also working to increase the production capacity at its biogas plants in the Netherlands.

(EUR 1.0 = USD 1.09)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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