Spain's Audax posts net loss in Q3 2021, revenues jump

Spanish renewable power and gas supplier Audax Renovables SA (BME:ADX) today reported a net loss of EUR 1.8 million (USD 2m) in the third quarter of 2021, compared to a EUR-8.5-million profit in the year-ago period.

Audax said that its results come at a time of economic recovery from the COVID-19 pandemic, marked by a boost in power consumption, a surge in electricity prices and increased costs of raw materials.

The quarterly earnings before interest, taxes, depreciation and amortisation (EBITDA) arrived at EUR 31.2 million, down by 22% year-on-year, but a 71% improvement compared to the EBITDA amount recorded in the January-June period. The group expects EBITDA to “normalise” by the end of the fiscal year.

Revenues for the quarter spiked by 83% on the year to EUR 1.14 billion, on the back of a 10% increase in the number of customers.

During the period, Audax produced 140.5 GWh of power from its wind and solar farms in Spain, France and Poland, down by 4% year-on-year. The group’s supply business increased the supply of power and gas by 82% to 11.4 TWh.

(EUR 1.0 = USD 1.136)

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