Futuren returns to H1 profit

French wind power producer Futuren SA (EPA:FTRN) closed the first half of 2018 with a consolidated net profit of EUR 1.35 million (USD 1.6m), after a loss of EUR 3.1 million a year before.

The improvement came as a result of favourable wind conditions, Futuren said in a press release on Friday. The prior-year result was impacted by a non-recurring cost of EUR 3.6 million related to certain capital transactions initiated by Futuren.

With the commissioning of the 21-MW Courant-Nachamps wind farm in May, the French firm lifted the capacity it operates for its own account to 408 MW. It also has several projects in progress.

The company noted that its results include the reintegration of solid waste treatment firm Ecoval 30, which was previously put up for sale and listed as non-current asset. Futuren recorded a EUR-1.1-million impairment loss related to the latter subsidiary.

Futuren’s consolidated revenue gained 7% year-on-year, coming at EUR 33.8 million, and earnings before interest, tax, depreciation and amortisation (EBITDA) rose to EUR 18.8 million from EUR 17.7 million.

Total sales of electricity, which rely on long term electricity contracts of 15-20 years, increased by 10% on the year to EUR 29.2 million and accounted for 86% of Futuren’s overall revenue. EBITDA from the sale of electricity rose by 12% to EUR 21.1 million.

(EUR 1.0 = USD 1.171)

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