Greece's Terna Energy doubles profits in Q1 2019

Wind turbines. Photo by: Terna Energy (www.terna-energy.com).

June 10 (Renewables Now) - Greek renewable power producer Terna Energy SA (ATH:TENERGY) has doubled its net profit after minority interests to EUR 23 million (USD 26m) in the first quarter of 2018 from EUR 11.4 million a year back.

The company explained the rise in its bottom line with an increase in its installed capacity globally, lower financial expenses and other earnings from foreign exchange translation differences and financial instruments.

Total earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to EUR 53.9 million from EUR 45.7 million and earnings before interest and tax (EBIT) rose to EUR 41.1 million from EUR 34 million. The company’s pre-tax profit went up to EUR 29.9 million from EUR 18.6 million.

Consolidated sales improved to EUR 82.7 million from EUR 71.6 million, with income from electricity production going up to EUR 65.1 million from EUR 55.6 million.

At the end of March 2019, Terna Energy had 1,032 MW of installed capacity and expects to increase that to 1,229 MW once a recently acquired wind park in Texas is completed. The company targets reaching 2,000 MW in operation.

(EUR 1.0 = USD 1.132)

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