Scatec Solar's proportionate EBIT triples in Q1

Source: Scatec Solar (www.scatecsolar.com)

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	Q1 2018	Q1 2017
Proportionate revenues and other income	1,528	572
-- from Power Production	208	137
-- from Operation & Maintenance	17	14
-- from Development & Construction	1,297	417
-- from Corporate	6	4
Proportionate EBITDA	315	109
Proportionate operating profit (EBIT)	233	71
Proportionate profit	123	-
Consolidated revenues and other income	327	289
Consolidated EBITDA	242	212
Consolidated operating profit (EBIT)	145	150
Consolidated profit	12	12

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.

(NOK 1.0 = USD 0.115/EUR 0.104)

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