NTR posts higher profit for H1 FY 2014/15 thanks to forex gain
Dec 4, 2014 - Irish renewable energy investor NTR Plc said today its profit from continuing operations for the first half of fiscal 2014/15 had increased by EUR 3.5 million (USD 4.3m) year-on-year to EUR 5.4 million.
The company pointed out that the result for the six-month period ended September 30, 2014, includes a foreign exchange gain of EUR 4.7 million against a EUR-4.8-million foreign exchange loss recorded a year earlier.
NTR explained its continued profitability for a third reporting period in a row with the consistent earnings from its US wind power activities, coupled with reduced costs. The company is currently looking for a buyer of its US portfolio, which includes the 201-MW Post Rock wind farm in Kansas and the 150-MW Lost Creek wind park in Missouri. The process is going to take several months, it noted today. At the same time, the company is stepping up investments in wind projects in the UK and Ireland.
For the first half of fiscal 2014/15, NTR booked earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 20.1 million, just slightly up from EUR 19.7 million a year back. It mirrors stable contributions from US unit Wind Capital Group LLC and Irish water infrastructure firm Celtic Anglian Water.
Group revenue from continuing operations decreased to EUR 19.7 million from EUR 20.7 million. It is all attributable to wind power activities, NTR mentioned.