Germany's PNE Wind swings to loss in Q3 2015

German wind farm developer PNE Wind AG (ETR:PNE3) has turned to a consolidated loss of EUR 8.7 million (USD 9.4m) in the third quarter of 2015 versus a profit of EUR 2.3 million a year back.

The negative result can be explained with the group’s internal development of yieldco projects and related costs.

During the three-month period the group recorded an operating loss (EBIT) of EUR 7.3 million against a profit of EUR 4.9 million a year earlier, while revenues dropped to EUR 8.5 million from EUR 66.2 million. PNE Wind noted that a pre-tax profit of EUR 17.1 million from yieldco projects in 2015 is excluded from the operating result and will be first reported as earnings when the shares in the yieldco are sold.

For the first nine months of the year, PNE Wind reported a profit of EUR 9.8 million against a small loss of EUR 98,000 a year back, largely thanks to the recent sale of its UK subsidiary. January-September 2015 revenues fell to EUR 80.5 million from EUR 184 million.

As at the end of September 2015, the group had commissioned 73.6 MW of wind farms and was building a further 46.2 MW. Of the commissioned ones, 57.6 MW were transferred to the yieldco.

(EUR 1.0 = USD 1.077)

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