Swedish wind project developer Eolus Vind AB (STO:EOLU-B) posted a net profit of SEK 225 million (USD 21.2m/EUR 21.1m) in the second quarter of 2022, enough to absorb losses in January-March and come out on top for the semester.
The turnaround followed a net loss of SEK 138 million, and EBIT loss of SEK 158 million in the first quarter. The second-quarter results, released today, also showed improvement compared to year-ago earnings.
Key financial figures are presented in the table below:
|In million SEK unless otherwise noted:
|Profit (loss) before tax
|Net profit (loss)
|Cash flow from operating activities
|Managed turbines (in MW)
In the April-June period, Eolus Vind did not commission and hand over to customers any wind turbines. At the end of June, the company had 786 MW of wind farms under construction.
A major event during the reporting period was the closing of the sale of interest in the 260-MW Stor-Skalsjon wind project in Sweden to MEAG. In that transaction, Eolus Vind and Hydro REIN sold of a combined 75% stake, and agreed to jointly handle the installation.
(SEK 1.0 = USD 0.941/EUR 0.938)
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