April 26 (Renewables Now) - Danish renewables developer European Energy A/S recorded a net profit of EUR 18.1 million (USD 20.2m) in the first quarter of 2019, a little over EUR 4 million short of the profit generated during the full 2018.
European Energy said Thursday its strong quarterly result was achieved through the sale of two wind farms, which brought in EUR 114.9 million, and an increase in the sale of electricity to EUR 9.7 million from EUR EUR 1.8 million as a result of the increased number of power plants held as fixed assets and the construction of several new farms during 2018.
Electricity sales now account for 35% of the group’s total gross profits, compared to 20% in the first quarter of 2018.
Details on the first quarter performance are presented in the table below:
|In EUR million||Q1 2019||Q1 2018|
During the first quarter, the developer finalised the sale of the 18-MW Holmen II wind farm in Denmark and the 39-MW Bosco Le Piane wind farm in Italy.
European Energy projects earnings before interest, taxes, depreciation, and amortisation (EBITDA) to be in the EUR 40 million-45 million range in 2019. It expects a pre-tax profit of between EUR 30 million and EUR 35 million. The Danish company has 86 MW under construction and 421 MW of ready-to-build projects.
(EUR 1.0 = USD 1.11)