March 9 (Renewables Now) - Falck Renewables SpA (BIT:FKR) on Thursday posted a 2017 net profit of EUR 32.1 million (USD 39.6m), up from EUR 1.9 million a year back, when the result was affected significantly by a non-recurring transaction.
The Italian renewable energy producer explained in a statement that its results for 2017 have improved from the prior year thanks to an increase in power production, rising energy prices and actions taken by the management team to optimise plant efficiency and the cost profile.
Falck noted that the net result pertaining to the group was a profit of EUR 20.35 million versus a loss of EUR 3.9 million for 2016.
“We have witnessed growth across the board, in terms of production as well as investment capacity, revenues and profitability. These figures have all surpassed our pre-established targets and confirm the sustainability of the strategic development decisions we have made,” said CEO Toni Volpe.
Full year earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 9.6% on the year to EUR 149.4 million as revenue climbed 15.6% to EUR 288.6 million, with the wind power segment contributing EUR 216.8 million to the top line.
Falck’s operating profit for the year jumped 26.54% to EUR 75.4 million.
At the end of 2017, the company had a total of 913 MW of installed capacity, including 769.9 MW coming from wind farms and 108.1 MW from solar photovoltaic (PV) parks.
(EUR 1.0 = USD 1.232)