Dong Energy posted a “very satisfactory” 19% boost in operating profit in the first half of 2016 to Dkr12.4bn.
Net profit was also up at Dkr6.4bn, compared with Dkr3.6bn in the year-ago period.
Underlying profit at the Danish company, driven by a 68% rise in the wind power segment, was up 34% when adjusted for one-off items.
“The strong growth in wind was partially offset by the impact of lower gas, oil and power prices,” it said.
Wind generation was however down 3% year-on-year due to lower wind speeds, offset partially by new projects at Westermost Rough in the UK and Borkum Riffgrund 1 in Germany.
Returns from offshore installation specialists A2Sea were also a negative due to “higher share of intragroup installation projects and higher costs relating to restructuring of the business”.
Return on capital employed over the last 12 months was 15%, compared with 7% at the end of the same period last year.
The company reaffirmed earlier full-year 2016 guidance of EBITDA of Dkr20bn to Drk23bn and gross investments of up to Dkr21bn.
Image: Dong
Offshore fuels Dong profit
'Strong growth' leads to 19% boost in operating result in first six months
By EBS