Swedish Arise Windpower turns to profit in Q2 2011
Aug 12, 2011 - Swedish Arise Windpower AB (STO:AWP) posted today a second-quarter net profit of SEK 1.3 million (USD 199,000/EUR 140,000) versus a year-earlier loss of SEK 1.9 million as revenue surged 173% to SEK 39.6 million.
Operating profit nearly tripled to SEK 8.7 million.
During the second quarter, which is seasonally a relatively weak period in the wind power industry, the Swedish company produced 48.1 GWh of electricity, up from 20.3 GWh a year earlier and approximately the same as in the first quarter.
In the first half of 2011, the bottom line showed a profit of SEK 14.8 million versus a loss of SEK 6.8 million in the corresponding period in 2010.
In today's interim report, Arise Windpower confirmed its short- and long-term targets. The company still expects to have a production capacity of 260 MW at the end of 2011, which corresponds to an expansion of 136 MW during the year. By the end of 2014, the plan is to have 300 turbines under construction or in operation with a combined capacity of some 700 MW.