Sky Solar Holdings books higher net profit in H1 2018

Sky Solar Holdings Ltd (NASDAQ:SKYS), a Hong Kong-based independent solar power producer (IPP), closed the first half of 2018 with a net profit of USD 8.2 million (EUR 7.2m), up from USD 5.2 million a year back.

The improvement stems from the sale of permits and rights for a 40.8-MW project in Japan and an increase in electricity sales, the company said on Friday. Revenues came at USD 33.2 million, rising 8.4% in annual terms as electricity revenues gained 12.9% to USD 31.5 million due to the commissioning of solar parks in Uruguay. This increase, however, was partly offset by a 37.3% drop in systems and other sales to USD 1.7 million.

Sky Solar’s operating profit in the six months improved to USD 24.4 million from USD 6.8 million, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) grew to USD 34.2 million from USD 18.5 million.

As of end-June, the company owned and operated 203.5 MW of solar parks and had 13.8 MW of projects under construction in Japan and the US. It also had a 360-MW pipeline of shovel-ready, development, advanced and qualified projects. Of these, over 100 MW are under-development schemes in Northeast US.

(USD 1.0 = EUR 0.884)

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