Germany company PNE made a net profit of over €1m in the first quarter of 2019, compared with a loss of €3m in the same period of 2018, describing the figures as its “best results in years”.
Revenue grew to €28m in the latest period, from €10.9m last year, while EBITDA rose to €6.9m from €2.1m.
Work was completed on the 21.6MW repowering of the Gerdau wind farm in Germany, while the 25.2MW Laxaskogen project was finished in Sweden, as well as a 19.2MW project in France.
The rights to develop two wind projects in Italy totalling 44.4MW were sold during the period.
The company also expanded its business activities globally, entering the market in Panama for the first time with the takeover of five projects.
PNE said it sees good opportunities in Central and South America.
A further 27.2MW of wind farms were under construction at the end of March, it added.
PNE chief executive Markus Lesser (pictured) said: “I am very satisfied with the results of this first quarter.
“We are fully on plan with these figures. Accordingly, we also confirm our goal of generating EBITDA in the range of €25m to €30m and EBIT in the range of €15m to €20m within the group in the entire year.”