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Eolus Vind's sales, profit jump in fiscal Q1

Parts of the existing wind farm at Wind Wall. Source: Eolus Vind AB

January 23 (Renewables Now) - Swedish wind project developer Eolus Vind AB (STO:EOLU-B) booked an expanded net profit of SEK 42.1 million (USD 4.4m/EUR 4m) in its first fiscal quarter through November 2019 as sales marked a twofold increase.

The company’s first-quarter net profit rose from SEK 1 million a year before. This significant improvement came on the back of growing sales, which jumped to SEK 294.4 million in the three months from SEK 107.8 million, Eolus said on Thursday.

In line with that, earnings before interest and tax (EBIT) climbed to SEK 52.2 million from SEK 9.7 million. The company’s board of directors proposed a dividend of SEK 1.50 per share for the reporting period, unchanged from a year ago.

More details about Eolus’ performance in the September 2019-November 2019 quarter (Q1) are available in the table.

Amounts in SEK Q1 FY 2019/20 Q1 FY 2018/19
Net sales 294.4 107.8m
EBIT 52.2m 9.7m
Pre-tax profit 37.5m 2.1m
Net profit 42.1m 1m
EPS 1.69 0.04

At the end of November 2019, the Swedish company had 687 MW of assets under management, up from 410 MW a year back. It brought online 43 turbines totalling 163.4 MW in the fiscal quarter, while in the year-ago period no new capacity was commissioned. The machines that were put into operation were handed over to customers during the reporting period.

(SEK 1.0 = USD 0.105/EUR 0.095)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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