October 23 (Renewables Now) - Scatec Solar ASA (OSL:SSO), the Norwegian independent power producer (IPP) with 357 MW of solar capacity in operation, saw its third-quarter proportionate revenues grow by 40% year-on-year, but its profit almost halved.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to NOK 266 million (USD 32m/EUR 28m) from NOK 500 million in the same quarter of 2017, and profit for the period was NOK 195 million, down from NOK 360 million. Scatec last week explained that the prior-year result included a NOK-375-million gain on the sale of a stake in the 162-MW Apodi solar project in Brazil.
Details on the company’s performance are available in the table.
|Results in NOK million||Q3 2018||Q3 2017||9-mo 2018||9-mo 2017|
|Consolidated profit to Scatec||14||383||94||374|
Scatec has 1,057 MW under construction with awarded development and construction (D&C) contracts of a total of NOK 8 billion. Based on current plans, the company expects roughly 50% of the contract value to be recognised as revenue in 2018. The D&C revenues in the third quarter, amounting to NOK 1.08 billion, were generated by projects in Brazil, Egypt, Honduras, Malaysia, Mozambique and South Africa.
(NOK 10 = USD 1.21/EUR 1.05)