Photon posts revenue, EBITDA growth in Q2 2020

Amsterdam-based solar developer Photon Energy NV (WSE:PEN) closed the second quarter of 2020 with a total comprehensive income of EUR 1.2 million (USD 1.39m), up by 78% year-on-year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 14.8% to EUR 4.03 million, which the company said was an all-time high for the second quarter.

Unaudited consolidated revenues rose by 11.9% to EUR 8.88 million, another quarterly record for the solar developer and independent power producer (IPP). The revenue growth was partly underpinned by output from new and existing solar plants, with power generation jumping by 73.7% to 25.2 GWh in the second quarter. The company's O&M and EPC activities also contributed.

The consolidated net loss came at EUR 969,000 in April-June, compared to a net profit of EUR 208,000 in the same period a year back, as a result of an adjustment of deferred taxes related to this year’s first quarter, Photon said.

For the first six months of 2020, Photon’s revenues grew by 17% to EUR 14.2 million, while EBITDA stood at EUR 5.43 million, an 18.1% increase. The net loss for the period came at EUR 2.68 million, going deeper from the loss of EUR 1.07 million a year earlier.

The total comprehensive loss arrived at EUR 3.14 million, compared to income of EUR 1.84 million posted in January-June of 2019. Excluding currency effects due to market volatility, the total comprehensive income was EUR 33,000.

In April through June, Photon commissioned five solar parks totalling 3.5 MWp in Hungary. It also started building new projects in Hungary and Australia, and won a tender to deliver a 3-MWp power plant in Wodonga.

(EUR 1.0 = USD 1.177)

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