Norwegian independent power producer (IPP) Scatec Solar ASA (OSL:SSO) saw its first-quarter (Q1) proportionate operating profit reach NOK 315 million (USD 36.3m/EUR 32.6m), thus more than tripling from the same period a year earlier.
On a consolidated basis, though, the operating profit, or earnings before interest and tax (EBIT), went down to NOK 145 million from NOK 150 million.
More details on Scatec’s Q1 financial performance are available in the table below.
Figures in NOK million
Proportionate revenues and other income
-- from Power Production
-- from Operation & Maintenance
-- from Development & Construction
-- from Corporate
Proportionate operating profit (EBIT)
Consolidated revenues and other income
Consolidated operating profit (EBIT)
The company explained the improvement in its proportionate results with continued high construction activities in the Development & Construction segment. Also, this was the first full quarter during which the new plants in Brazil and Malaysia produced power and they contributed to both revenues and EBITDA.
At the end of the quarter, the Power Production segment operated an installed capacity of 584 MW, unchanged from a year earlier. On a proportionate basis, power generation almost doubled to 133 GWh from 68 GWh, while on a consolidated basis it rose to 254 GWh from 157 GWh.