Falck Renewables' profit drops to EUR 5.7m in H1 2014

Aug 8, 2014 - Falck Renewables SpA (BIT:FKR) yesterday said its first-half net profit has fallen to EUR 5.7 million (USD 7.6m) from EUR 19.2 million a year back, as slow winds, legislation changes and other negative events affected its performance.

The Italian firm, which operates wind, solar, biomass and waste-to-energy plants, saw its earnings before interest, tax, depreciation and amortisation (EBITDA) decrease to EUR 72.1 million from EUR 88.5 million a year earlier. The results meet the company’s previous expectations, it noted.

Falck Renewables reaffirmed its forecast for 2014 EBITDA in the range of EUR 130 million to EUR 135 million.

The company's total first-half revenue declined 10.4% year-on-year to EUR 127.2 million mainly due to slow wind speeds, lower average electricity sales prices and the downtime for failure at the waste-to-energy plant of Trezzo sull’Adda.

As at June 30, 2014, Falck Renewables’s installed production capacity amounted to 725.7 MW, compared to 694.7 MW as at the end of December. The majority of 674.6 MW is wind power.

(EUR 1.0 = USD 1.339)

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