German renewables developer PNE made an operating loss of almost €3m in the third quarter of 2019, wider than the €336,000 loss it made in 2018.
Revenue was down in the period to just over €6.9m from almost €11.5m in the previous year.
The company gave no specific explanation for the third quarter figures, but only said the first two quarters of the year had been marked by major sales successes, while in the third quarter it had concentrated on the construction of projects.
PNE said for the nine months to the end of September earnings before interest and taxes or operating profit was up to €9.9m from €3.7m in 2018.
Earnings before interest, taxes, depreciation and amortisation grew to €19.1m from €10.6m, while revenue for the year to the end of September was €72.6m compared with €39.9m in 2018.
PNE had started construction or commissioned wind farms in the latest quarter totalling 404MW.
Four of the projects with a combined capacity of 72.5MW were completed in Germany, France and Sweden.
A further seven wind farms are under construction in Germany, Poland and Sweden totalling 331.7MW. Four of the these projects (290.4MW) have already been sold, PNE said.
The company said it had made progress in setting up its “wind farm portfolio 2020”, in which wind farms with a nominal capacity of up to 200MW will be bundled.
It is also working on expanding a solar portfolio with initial attention on Germany, France, Romania and Italy.
PNE chief executive Markus Lesser (pictured) said: “With these results, we are well on schedule for the year as a whole.
“Accordingly, we again confirm our goal of generating clearly positive EBITDA in the range of €25m to €30m and EBIT in the range of €15m to €20m within the group in the entire year.”