Sky Solar records USD-5.2m H1 profit

Sky Solar Holdings Ltd (NASDAQ:SKYS), a Hong Kong-based independent power producer (IPP), today reported a net profit of USD 5.2 million (EUR 4.4m) for the first half of 2017, against a USD-2.2-million net loss a year earlier.

The improvement reflects income related to the disposal of 19.4 MW of Japanese assets in which the company owned a 30% stake. Operating profit declined 8.4% to USD 6.8 million, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) grew 32.4% to USD 18.5 million. Revenue rose 6.6% to USD 30.6 million, with electricity revenue increasing 9% to USD 27.9 million.

At the end of the period Sky Solar had 136.8 MW of assets, compared to 159.6 MW at the end of 2016.

In September the company completed and connected 63.6 MW of projects in Uruguay, which chief investment officer Sanjay Shrestha said are now generating power and revenue. "During the first half and subsequently, we signed Letters of Intent (LOIs) and Share Purchase Agreements (SPAs) to secure a total of 40 MW of Distributed Generation (DG) project permits in Chile. We also continued to gradually expand our presence in the US," Shrestha added.

(USD 1 = EUR 0.848)

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