Terna Energy posts 78.9% jump in H1 earnings

Wind turbines. Photo by: Terna Energy (www.terna-energy.com).

September 27 (Renewables Now) - Greek renewable power producer Terna Energy (ATH:TENERGY) booked a 78.9% year-on-year rise in first-half net earnings after minority interests to EUR 18.4 million (USD 21.6m), mainly thanks to an increase in installed overseas capacity.

The company had 986 MW of installed renewable energy capacity in Greece, the US and southeastern Europe at the end of June, it said in a press release on Wednesday. Most of that capacity, or 561 MW, is located at home, while 293 MW is in the US.

Terna Energy’s pre-tax earnings improved by 60.3% on the year to EUR 29.4 million, while earnings before interest and tax (ΕΒΙΤ) came at EUR 58.3 million, rising 34.1%. Earnings before interest, tax, depreciation and amortisation (EBITDA) in the six months rose by 20.1% to EUR 81.8 million. Consolidated sales decreased slightly to EUR 138.7 million from EUR 139.6 million a year back.

Below is a breakdown of the company's revenues in January-June 2018:

In EUR millon H1 2018 H1 2017
electricity production 104.3 78.8
energy trading 3.8 5.1
construction 11.2 22.6
concessions 19.4 33.1

Terna Energy said it has 178 MW of renewable energy plants under construction or ready to be built. Its operational, under-construction or fully licensed capacity at the end of June stood at 1,166 MW. The company aims to expand its operational portfolio to 2 GW.

(EUR 1.0 = USD 1.172)

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