PNE Wind reported earnings before interest and taxes (EBIT) of €23.7m in the first three quarters of 2017, a jump of 229% on the €7.2m posted in 2016.
The German company also reported revenue of €81.2m in the period, up from €77.1m last year.
The results were boosted by income of about €21.4m from the sale of an 80% stake in a 142MW wind farm portfolio at the end of 2016.
PNE Wind said it also benefited from a further €5.4m resulting from the “revaluation” of the 20% stake it continues to hold in the portfolio.
“The economic achievements create scope for further investments that will improve the prospects of PNE Wind,” the company said.
It added that it is also developing a 200MW wind farm portfolio.
PNE Wind chief executive Markus Lesser said: “We are currently in a transitional phase – although operationally and economically successful.
“The wind energy industry is changing and the framework conditions are also changing considerably. On the other hand, we are implementing a strategic concept that will be published in November.
“The very good economic result after nine months gives us the necessary scope for implementing this strategy.”
Image: PNE Wind
