August 30 (Renewables Now) - Danish renewables developer European Energy A/S returned to second-quarter profits even as revenues fell, and boosted its under-construction portfolio to 204.7 MW as of the end of June 2019.
In the reporting period the company started building the 103-MW Troia solar park in Italy, touted as the largest in the country. It aims to complete the photovoltaic (PV) power plant in the first quarter of 2020.
European Energy had 248 MW of installed capacity at the end of June, as compared to 173 MW at the end of 2018. Wind accounts for 216 MW of the total. The table below contains details on the company's financial performance this year.
|Results in EUR million||Q2 2019||Q2 2018||H1 2019||H1 2018|
|Pre-tax profit (loss)||1.7||(1.2)||22.4||0.9|
|Group share of profit (loss)||1.8||(1.5)||19.9||0.5|
European Energy confirmed its forecast for a full-year pre-tax profit of EUR 30 million-35 million and earnings before interest, tax, depreciation and amortisation (EBITDA) of 40 million-45 million.
(EUR 1 = USD 1.11)