Rabbalshede Kraft returns to Q1 profit

Rabbalshede Kraft's Hud wind farm in Sweden. Credit: Rabbalshede Kraft AB.

May 14 (Renewables Now) - Swedish wind power company Rabbalshede Kraft AB today reported its return to profit in the first quarter of 2019, helped by an increase in electricity generation and sales.

The company closed the January-March quarter with a net profit of SEK 5.6 million (USD 583,000/EUR 519,000), against a loss of SEK 10.7 million a year before. Earnings before interest and tax (EBIT) improved to SEK 17.4 million from a negative SEK 273,000 as total operating revenue grew to SEK 88.3 million from SEK 66.1 million. Net sales, which include sales of power and electricity certificates, rose to SEK 78.9 million from SEK 60.3 million.

Rabbalshede Kraft manages a total of 197 wind turbines, including 105 that are own or co-owned. During the first quarter, its own wind farms produced 166.2 GWh of electricity, up from 115.5 GWh in the year-ago period. The company noted that generation in the three months was affected by the poor wind conditions in January and February but rebounded in March. It enjoyed a high level of availability, around 98%, during the reporting period.

(SEK 1.0 = USD 0.104/EUR 0.093)

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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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