Infigen's annual net profit jumps to USD 25m

Australian renewables company Infigen Energy (ASX:IFN) today posted a net profit of AUD 32.3 million (USD 25.5m/EUR 21.6m) for the year to the end of June, a jump from AUD 4.5 million in the previous 12 months.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 25% to AUD 149.7 million as a result of higher revenues, a fair value revaluation after its acquisition of the 50% it did not own in the 113-MW Bodangora wind farm project, and a gain on the sale of the Manildra solar project.

Underlying EBITDA was up 16% to AUD 139.3 million, slightly above the company's reduced guidance of AUD 136 million-138 million. Infigen in June lowered the guidance from AUD 147 million due to unfavorable wind conditions.

Revenue increased 14% to AUD 196.7 million thanks to higher electricity and Large-scale Generation Certificate (LGC) prices.

The company, which has an operating wind portfolio of 557 MW in Australia, saw its generation inch up 1% to 1,487 GWh, mainly as a result of improved wind conditions at the 89.1-MW Alinta wind farm that offset line outages in Western Australia.

Looking ahead, Infigen said the electricity market remains volatile due to factors such as withdrawal of capacity, gas prices and the ongoing debate around energy and emissions reduction policies.

(AUD 1 = USD 0.789/EUR 0.669)

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