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Higher sales help Eolus Vind return to fiscal Q3 profit

Wind farm in Sweden. Author: Jämtkraft. License: Creative Commons, Attribution 2.0 Generic.

July 8 (Renewables Now) - Swedish wind project developer Eolus Vind AB (STO:EOLU-B) on Thursday reported a net profit of SEK 12.2 million (USD 1.3m/EUR 1.2m) for its third fiscal quarter through end-May 2019, against a deficit of SEK 4.6 million a year before.

The improvement came as a result of growing sales, which reached SEK 520.3 million as compared to SEK 22.6 million in the year-ago period. In line with that, earnings before interest and tax (EBIT) improved to SEK 10.9 million from a loss of SEK 10 million.

Eolus managed to enhance its financial performance in the three months in spite of the fact that its average electricity revenues declined to SEK 454 per MWh from SEK 532 per MWh and electricity production from its own wind farms contracted to 3.3 GWh from 6.3 GWh.

More details about the company’s results in the March 2019-May 2019 quarter (Q3) and the first nine months of its fiscal year are available in the table below.

Figures in SEK million Q3 2018/19 Q3 2017/18 9mo 2018/19 9mo 2017/18
Net sales 520.3 22.6 998.2 180.2
EBIT (loss) 10.9 (10) 46.4 23
Pre-tax profit 10 (5.7) 43.3 31.8
Net profit (loss) 12.2 (4.6) 51.8 38.7

During the reporting period, Eolus did not put any turbines into operation, as in the year-ago period, while it handed over to customers the equivalent of one turbine with an installed capacity of 2 MW. Its assets under management totalled 421 MW, as compared to 337 MW in the third quarter of fiscal 2017/18.

(SEK 1.0 = USD 0.106/EUR 0.094)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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