Bladt booked a Dkr127m (€17m) profit from its offshore wind activities last year, turning around a Dkr32m loss in 2019.
The company said the “strong performance” was a result of various factors including successful tenders with “rigours focus on risk/opportunity and strong project execution of the ongoing projects”.
Revenue also increased to Dkr2bn from Dkr1.8bn in 2019.
However, the result from its offshore wind unit, labelled continuing operations, could not offset a wider group loss.
The company recorded a Dkr22.8m (€3m) deficit for 2020, compared to Dkr41.6m for 2019.
Bladt blamed the short fall on the “severe negative impact” from two “non-core” projects, one in the oil and gas industry and one infrastructure scheme.
“The financial performance of the company for 2020, as a whole, has not lived up to the expectations and the consolidated results are disappointing.”
Meanwhile, in offshore wind Bladt said a 2014 project continues to involve disagreement regarding the settlement of variation orders and claims between it and a customer.
“Bladt Industries has commenced arbitrational proceedings which continue to be ongoing. Bladt Industries and its legal advisers are confident in its position and the merits of the case. As with all such disagreements, there is uncertainty as to the financial outcome of the dispute which can have a significant positive or negative effect.”