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Scatec Solar’s Q2 revenue grows 31%

Scatec Solar’s Q2 revenue grows 31%

AMMAN: Scatec Solar ASA (OSL:SSO) said today its second-quarter net profit has decreased to NOK 1.5 million (USD 187,000/EUR 160,000) from NOK 5.5 million a year back, even though revenue rose by 31%.

The Norwegian solar park builder and operator saw its consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) jump to NOK 217 million from NOK 153 million, with revenues climbing to NOK 279 million from NOK 213 million. The main reason for the increases in both EBITDA and revenues is better solar irradiation, additional revenues from the new plants in Jordan and positive currency effects related to the South African rand.

For the first half of 2017, the Oslo-based company reported a return to profit of NOK 32.5 million from a loss of NOK 17.5 million, with revenues rising to NOK 555.5 million from NOK 442.6 million.

Scatec Solar currently operates 322 MW of solar farms in the Czech Republic, South Africa, Rwanda, Honduras and Jordan.

Power production in the quarter reached 147 GWh, down from 156 GWh in the prior three months and 182 GWh a year back. On a like-for-like basis, excluding divestments, power production marked a 24% year-on-year increase.

“We have made significant progress on the 1,143 MW project backlog over the last few months and several projects are approaching financial close,” said CEO Raymond Carlsen.