Solarpack reports 56% drop in 9-mo profit in 2019

Spanish solar company Solarpack Corporacion Tecnologica SA (BME:SPK) posted a net profit of EUR 1.24 million (USD 1.37m), down 56% year-on-year, for the first nine months of 2019.

Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled EUR 13.6 million, up 28%, while operating revenues jumped by 83% to EUR 38.1 million.

Operating expenses increased to EUR 31.7 million during the first nine months of 2019, compared to EUR 12.3 million in the same period last year.

Solarpack’s power generation division grew EBITDA by 32% year-on-year to EUR 18.3 million and pulled in revenues of EUR 22.1 million, up 43%.

The company’s development and construction division recovered from last year’s loss of EUR 2.3 million in nine-month EBITDA to record EUR 12.2 million in January-September 2019 earnings. It delivered EUR 165.2 million in nine-month revenues compared to EUR 5.5 million in the same period last year.

Solarpack said it is currently building 413 MW of new capacity, with plans to get a further 49 MW of projects under construction before the end of 2019.

The solar company has 71 MW in backlog, 1,723 MW of projects in the pipeline and 5,355 MW listed as identified opportunities across its markets.

(EUR 1.0 = USD 1.103)

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