Strong winds help Denmark’s Greentech Energy to profit in H1 2015

Danish renewables company Greentech Energy Systems A/S (CPH:GES) has turned to a EUR-2.5-million (USD 2.7m) net profit in the first half of 2015, from a loss of EUR 715,000 a year back.

The turnaround followed a 6% on-the-year increase in earnings before interest, tax, depreciation and amortisation (EBITDA) to EUR 17.2 million, the company said Wednesday. This improvement is mainly due to the favorable wind conditions in Italy and Germany in the six-month period, coupled with savings related to the firm’s restructuring plan.

Greentech Energy’s January-June performance also benefited from a roughly EUR-2.2-million positive net impact on its earnings before taxes (EBT). It came as a result from lower depreciation charges related to an increased useful life of the firm’s wind parks.

Revenues for the first six months of the current year grew by 4% to EUR 30.1 million, helped by strong performance of Greentech Energy’s Environment business segment.

As of the end of June, Greentech Energy operated 311.5 MW of solar and wind parks in Denmark, Germany, Poland, Italy and Spain. The plants produced 220.3 GWh in the first half of 2015, up 3% year-on-year.

(EUR 1.0 = USD 1.092)

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