Infigen Energy narrows continuing ops loss in FY 2014/15

Australian wind farm operator Infigen Energy (ASX:IFN) on Monday reported a net loss from continuing operations of AUD 18.4 million (USD 13.2m/EUR 11.7m) for the fiscal year ended on June 30, 2015.

The result compares to a loss of AUD 32.4 million a year earlier. Meanwhile, the company’s posted an AUD-285.2-million loss from discontinued operations, versus an AUD-23.5-million profit in the previous fiscal year.

The discontinued operations are Infigen’s wind and solar businesses in the US, which it agreed to sell to ArcLight Capital Partners LLC and SunPower Corp (NASDAQ:SPWR), respectively. The loss from discontinued operations is largely due to a USD-221.2-million (EUR 196.6m) impairment of the US business following its reclassification to being held for sale, the company said.

Earnings before interest, tax, depreciation and amortisation (EBITDA) in fiscal 2014/15 declined by 10% to AUD 83.5 million, while revenues were down by 8% to AUD 133.8 million.

Infigen operates 557 MW of wind farms in Australia and has a solar and wind project pipeline of 1,200 MW. It said that wind conditions in the past fiscal year were “anomalously” below historical long term average but the company expects these to improve in fiscal 2015/16.

(AUD 1 = USD 0.715/EUR 0.636)

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