PNE Wind boosts Q2 profits on sale of UK portfolio

German wind farm developer PNE Wind AG (ETR:PNE3) said Monday its second-quarter (Q2) consolidated profit has surged to EUR 27.6 million (USD 30.3m) from EUR 2.8 million a year back, following the sale of its UK project pipeline.

The group’s operating profit, or earnings before interest and tax (EBIT), jumped to EUR 30 million from EUR 3.6 million thanks to the first positive effects from the June sale of its 90% interest in PNE Wind UK to Canadian asset manager Brookfield. The divestment could fetch a total of GBP 103 million (USD 160m/EUR 143m) if certain milestone payments are made.

The disposal also offsets a decline in Q2 revenues to EUR 56.7 million from EUR 85 million.

For the first six months of the year, PNE Wind posted a net profit of EUR 18.4 million versus a loss of 2.4 million a year earlier. First-half sales though fell to EUR 71.9 million from EUR 117.9 million.

PNE Wind again reaffirmed its forecast for cumulative EBIT of EUR 110 million-130 million for the 2014 to 2016 fiscal years and said it may even improve its projections depending on the implementation of its yieldco plans. For 2015 alone, the group expects consolidated EBIT of between EUR 30 million and EUR 40 million.

(EUR 1.0 = USD 1.097)

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