Dong Energy boosted operating profits in the third quarter by 7% to Dkr4.8bn, driven in part by a 19% increase from a wind power segment building seven different projects.
Net profit for the period was Dkr3.3bn, compared with Dkr400m in the year-ago quarter, on revenues of Dkr14.5bn, down from Dkr17.3bn in the corresponding quarter of 2015.
Revenues in the wind business were up Dkr1bn year on year to Dkr5.8bn; pre-tax profits were Dkr778m, up 46% from Dkr533m.
Dong said: “The increase was driven by higher activity relating to construction contracts for offshore wind farms for partners in the UK and Germany and transmission assets in the UK.
“Revenue from the construction of offshore wind farms for partners increased due to the ongoing construction of (258MW) Burbo Bank extension. The increase was partially offset by the (582MW) Gode Wind 1 and 2 construction contracts, which saw high activity in Q3 2015.”
The company said it is currently in the process of “farming down” the 573MW Race Bank and 660 Walney 3 wind farms and expects to completed that process during 2017 at the latest.
Dong maintained its outlook for the full year and confirmed that it had begun the process of “exiting from our oil and gas business”. It pointed out there “can be no assurance as to the outcome or the timing of the completion” of the latter process.
Image: the first turbine going in at Burbo 2 (Dong)
