Greenko's profit dips to EUR 182,000 in H1 FY 2012/13

Dec 13, 2012 - Indian green energy company Greenko Group Plc (LON:GKO) on Wednesday reported a profit of EUR 182,000 (USD 238,100) for its first fiscal half to September, down from EUR 1.9 million a year earlier.

However, adjusted profit after tax was up 121.2% on the year to EUR 4.2 million in the period as growth in earnings before interest, tax, depreciation and amortisation (EBITDA) outpaced associated rises in depreciation and net finance charges.

Adjusted EBITDA came in at EUR 16.5 million, up from EUR 11.2 million in the same period in 2011, in spite of the negative impact of unfavourable currency movements and weaker output at the company's southern hydropower assets.

Revenue climbed to EUR 23.7 million from EUR 19.8 million a year earlier as power output advanced to 568.7 GWh from 422.2 GWh in the same period last year.

The company's operational capacity currently stands at 289 MW. It also has around 500 MW under construction and another 850 MW under active development. Greenko reiterated its target for 1 GW of operational projects in 2015, with wind to account for about 670 MW of that goal and small and medium hydro projects for most of the remainder.

(USD 1.0 = EUR 1.308)

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