Solarpack reports 74% y/y drop in H1 profits

Spanish solar company Solarpack Corporacion Tecnologica SA (BME:SPK) posted a net profit of EUR 626,000 (USD 687,813) in the first half of 2019, marking a 74% year-on-year decrease.

Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled EUR 9.8 million, up by 33% year-on-year, underpinned by the growth of the power generation business. Operating revenues rose by 112% to EUR 27.1 million.

Operating expenses ballooned to EUR 21.7 million during the first half of 2019 compared to EUR 6.2 million in the same period last year, with raw and indirect material consumption amounting to EUR 8.6 million.

Solarpack’s development and construction business registered EBITDA of EUR 7.3 million, up from EUR 1.3 million in the first semester of 2018. Revenues skyrocketed to EUR 77.4 million in January through June compared to last year’s EUR 2.5 million. At present, the company is managing the construction of 376 MW of solar capacity, with plans to start building 111 MW more in Spain and Chile before the end of 2019.

The power generation segment grew its EBITDA by 35% to EUR 12.3 million, while operating revenues stood at EUR 14 million, up 39% year-on-year.

Solarpack has 121 MW of projects in backlog, 1,760 MW in the pipeline and 4,149 MW of projects listed as identified opportunities.

(EUR 1.0 = USD 1.10)

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