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European Energy posts Q2 profit and continues to grow capacity

The Zinkgruvan wind park. Image by: European Energy.

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
Revenue 3.3 8.4 128.5 18.6
Gross profit 5.6 4.1 31.7 11.1
EBITDA 2.9 1.1 26.5 5.4
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)

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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