Scatec Solar's proportionate Q1 revenues fall, but profit doubles

Source: Scatec Solar (www.scatecsolar.com)

Oslo-based solar power producer Scatec Solar ASA (OSL:SSO) today reported a first-quarter net profit on a proportionate basis that was double the figure booked a year earlier, even as its operating result declined and revenues dropped 43%.

The company’s proportionate profit for January-March 2020 surged to NOK 240 million (USD 23.5m/EUR 21.6m) from NOK 123 million following a net foreign exchange gain of NOK 320 million.

Proportionate revenues fell to NOK 866 million from NOK 1.53 billion because higher power production could not fully compensate for lower construction activity. Still, newly commissioned solar power plants helped raise earnings before interest, tax, depreciation and amortisation (EBITDA) by 10%.

On a consolidated basis, both revenues and EBITDA improved significantly. More details are available below.

Figures in NOK million, unless otherwise noted	Q1 2020	Q1 2019
Proportionate Financials
Revenues and other income	866	1,528
EBITDA	346	315
Operating profit (EBIT)	206	233
Profit (loss)	240	123
Power Production (GWh)	349	133
Consolidated Financials
Revenues and other income	625	327
EBITDA	503	242
Operating profit (EBIT)	328	145
Profit (loss)	299	12
Power Production (GWh)	623	254

At the date of reporting, Scatec Solar had a total backlog and pipeline of 5.8 GW. Its operational capacity stands at 1.5 GW with an economic interest of 56%. More than half of the total is in South Africa and Egypt.

“We have so far not experienced any impact of COVID-19 on our operating assets; however, some deferred commissioning of new solar plants and slower project development activities are becoming evident,” said CEO Raymond Carlsen.

(NOK 1.0 = USD 0.977/EUR 0.901)

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