Solarpack's net profit erodes in H1 2021

Spanish solar company Solarpack Corporacion Tecnologica SA (BME:SPK) saw its net profit for the first half of 2021 sink to around EUR 100,000 (USD 117,800), down from EUR 4.8 million recorded in the same period a year ago.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) stopped at EUR 24.2 million, down 18.2% year-on-year.

The company said its development and construction division had to contend with higher costs of the build-to-sell projects in Chile due to logistics market disruptions and higher expenses of civil works. The results also compare poorly with those achieved in the first half of 2020 when Solarpack booked above-average margins.

Solarpack’s power generation division posted EBITDA of EUR 22.7 million, a decrease of 9.2% on the year explained by the sale of a 49% stake in two solar farms in Peru in the spring of 2020.

The services division was the only one to achieve growth in the first semester, as a result of handling a bigger fleet under O&M and asset management contracts, according to Solarpack’s financial results.

Total operating revenues fell to EUR 72.7 million from EUR 81.0 million in the year-ago period.

As of September 10, Solarpack operates 450 MW of attributable solar power capacity. It has 180 MW of plants under construction, the largest one being the 116-MW 3SP project in Malaysia.

In the company’s pipeline there are 22 projects totalling 2,923 MW.

(EUR 1.0 = USD 1.178)

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