Australian renewables developer Infigen Energy has banked net profit after tax of A$45.7m for the year to end-June, up 41% on the A$13.4m recorded in 2016-17 period.
The increase was primarily due to a “deferred tax asset” of A$35.7m, the company said.
Production was up 4% year-on-year to 1549GWh due to higher production at a number of wind farms.
Revenue was also up to A$210m from A$13.4m thanks partly to higher electricity prices in New South Wales.
Debt increased 31% to $531m, mainly as a result of finance drawdown on a construction project, while corporate costs fell 16% to £13.2m due to “stabilisation of…business structure”.
Managing Director Ross Rolfe said: “Record underlying EBITDA from Infigen’s current operating assets reflect higher production, the execution of the multi-channel route to market strategy, improved electricity prices in NSW and maintenance of received electricity price in South Australia.”
Image: Infigen
Infigen banks windfall in Oz
By EBS