Falck Renewables' net profit declines by 25.7% y/y in H1 2016

Italian company Falck Renewables SpA (BIT:FKR) on Thursday reported a net profit of EUR 11 million (USD 12.1m ) for the first half of 2015, down from EUR 14.8 million a year earlier.

Results were weighed down by a reduction of energy prices and incentives, the devaluation of the pound against the euro, as well as a 2.4% decline in wind generation compared to the first half of 2015, when the UK benefited from strong wind levels.

Net profit attributable to the group, however, climbed to EUR 9 million from EUR 8.7 million, helped by a smaller impact of financial expense and taxes.

Earnings before interest, tax, depreciation and amortisation (EBITDA) declined to EUR 71.3 million from EUR 85.1 million. Margin on revenues came in at 55.5%, which was supported by costs reduction.

Revenue was down to EUR 128.6 million from EUR 147.2 million.

During the six months, the company generated 984 GWh, a decline of 1.7% on the same period of 2015. Its wind power portfolio produced 870 GWh.

At the end of the period, Falck Renewables had 760 MW of installed capacity spread across the UK, Italy, France and Spain, up from 725.7 MW a year back, after bringing online two wind farms -- the 11.75-MW Spaldington and the 22.5-MW Kingsburn -- in the UK in May.

The company confirmed the guidance provided in May.

(EUR 1.0 = USD 1.100)

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