TerniEnergia's net profit jumps 76% in Q1 2015

Solar farm. Author: Michele Lamberti. License: Creative Commons, Attribution 2.0 Generic.

TerniEnergia’s (BIT:TER) net profit for the first quarter (Q1) of 2015 rose by 76% on the year to EUR 1.2 million, the Italian renewables, energy efficiency and waste management firm said Thursday.

The figure includes the share of results from the activity of photovoltaic (PV) joint ventures. Revenue surged to EUR 68.6 million from EUR 10.4 million a year back, with business lines Cleantech and Energy Saving both registering a significant rise.

The company expects in the coming months “a substantial contribution from contracts in photovoltaics already acquired and being acquired abroad, also due to the start of its construction sites”. TerniEnergia commenced construction of two utility-scale solar photovoltaic (PV) parks in South Africa with a combined capacity of 148.5 MWp for a customer in mid-March. Completion is expected in 2016.

So far, the company has built 284.1 MWp of PV plants, including 15.8 MWp in full ownership and 22.8 MWp in joint venture.

Additional details on TerniEnergia’s financial performance are available in the table.

(in EUR)	Q1 2015	Q1 2014
Revenue	68.6 million	10.4 million
EBITDA	5.2 million	4.6 million
EBIT	3.8 million	2.8 million
Net profit	1.2 million	0.7 million

TerniEnergia said it continues scouting and market analysis for the development of possible partnerships in PV engineering, procurement and construction (EPC). This will help it assess the possibility of setting up an “Italian leader” industrial platform for large contracts abroad.

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