German renewables developer and operator Energiekontor AG (ETR:EKT) today reported a half-year result in line with expectations, with group EBIT that almost doubled and sales that jumped 79% on the year.
The company said that the COVID-19-related restrictions had only a minor impact on its business in the first half and that it continues to expect a “pleasing” financial year, confirming its existing earnings forecast.
For January-June 2020, Energiekontor posted a result from ordinary activities (EBT) of EUR 15 million (USD 17.8m) compared to EUR 4.3 million a year back. Group earnings before interest and tax (EBIT) increased to EUR 21.8 million from EUR 11.4 million as sales surged to EUR 65 million from EUR 36.3 million. Total output was EUR 80.9 million compared to EUR 44.3 million in the same period of 2019.
Energiekontor’s project pipeline in Germany and abroad is now exceeding 4,600 MW and the company also has wind and solar parks with a combined capacity of almost 287 MW in operation.
"As the course of business has so far been essentially on schedule despite Corona, we have no reason to change the positive outlook for the year as a whole,” commented Peter Szabo, Chairman of the Board of Management of Energiekontor.