May 23 (Renewables Now) - SSE plc (LON:SSE) this week reported an after-tax profit attributable to ordinary shareholders of GBP 1.41 billion (USD 1.78bn/EUR 1.6bn) for the fiscal year through March 2019, up by over 70%.
Operating profit grew by 46% to GBP 1.69 billion, mainly thanks to exceptional gains in the Electricity Generation segment following the sale of stakes in the 228-MW Stronelairg and the 94-MW Dunmaglass onshore wind farms, and the 522-MW Clyde wind farm complex.
The adjusted operating profit of the renewables division, however, fell to GBP 455.9 million from GBP 475.9 million a year ago because of the lower achieved price for renewable power. SSE expects its adjusted operating profit from renewables to rise to GBP 525 million in fiscal 2019/20.
The table contains details on SSE’s performance in 2018/19.
|Results in GBP million||FY 2018/19||FY 2017/18|
|Reported profit after tax to ordinary shareholders||1,409.1||821.6|
|Adjusted profit after tax to ordinary shareholders||685.9||998.3|
|Reported operating profit||1,692.2||1,157.4|
|Adjusted operating profit (loss)||1,137.6||1,554.8|
|- Of which from Renewables||455.9||475.9|
|- Of which from Thermal power||(22.3)||107.8|
|- Of which from Networks||830.2||763.1|
The company’s total renewable energy capacity reached 4 GW in May with the completion of the 588-MW Beatrice offshore wind farm.
(GBP 1 = USD 1.14/EUR 1.27)