Amsterdam-based Photon Energy NV (WSE:PEN) this week posted declines in first-quarter revenues and EBITDA, but still moved to a total comprehensive profit of EUR 1.79 million (USD 2.17m).
Photon Energy has a 74.7-MWp solar generation portfolio in the Czech Republic, Slovakia, Hungary and Australia. It is also developing 531.5 MWp of projects, including almost 160 MWp in Hungary, Poland and Romania, that were added to the pipeline during the reporting period.
The company's unaudited financial results for the first quarter of 2021 show its revenues totalled EUR 4.57 million, down 14% from a year ago. Earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped to EUR 222,000 from EUR 1.4 million.
The top line was impacted by unfavourable weather conditions and lower engineering, procurement and construction (EPC) revenue, as well as a delay in the commissioning of two solar power plants with a combined capacity of 14.6 MWp in Australia from the first to the second quarter. Weighing on the EBITDA figure was also a growing headcount due to the expansion of project development activities in new markets such as Poland and Romania.
The company recorded an EBIT loss of EUR 1.48 million, compared to a loss of EUR 82,000 a year ago. It, however, moved to a total comprehensive profit of EUR 1.79 million from a EUR-4.33-million loss in the same period of 2020, aided by revaluation of its investment in Australian solar technology company RayGen Resources Pty Ltd and positive foreign currency revaluation.
(EUR 1.0 = USD 1.211)
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