PNE Wind made an operating loss of €200,000 in the first quarter of 2018, compared with a profit of €300,000 last year, despite earnings before interest, taxes, depreciation and amortisation (EBITDA) rising 24%.
EBITDA was €2.1m in the period, up from €1.7m last year, while sales dropped to €10.9m from €20.4m in the first three months of 2017.
PNE said the first-quarter results were “on target”, despite the mixed figures, and the company expects to make an operating profit of €10m to €16m in the whole of 2018.
It added that “values have also been created” since 2017 that are “not readily apparent” in the latest results.
This relates to its so-called ‘2020 wind farm portfolio’ for which earnings before tax of about €16.1m since 2017 – €3.7m in 2018 – are not included in the overall group figures, PNE said.
Image: PNE Wind
PNE makes mixed start
By EBS