EL.TECH. ANEMOS reports 84.6% net profit increase

EL.TECH. ANEMOS group of companies reported considerable enhanced financial results for the first quarter of 2018, due to increased installed capacity and higher wind performance data, the company has announced in a statement.

Based on the financial results of Q1 2018, in accordance with the International Financial Reporting Standards (IFRS), the group reported, amongst others, increased turnover, EBITDA, EBIT and net profit compared to the corresponding quarter of 2017.

The consolidated turnover for the first 3-month period of 2018 increased by 28.3%, amounting to 17.6 million euors compared to 13.7 million euros for the corresponding period of 2017. Consequently, EBITDA amounted to 13.9 million euros, compared to 10.0 million euros for Q1 2017, a 37.5% increase, while EBIT increased by 48.6%, amounting to Euro 10.8 million, compared to Euro 7.3 million during the comparable period of 2017.

Consolidated profit after tax (net profit) for Q1 2018 amounted to 6  million euros, compared to 3.3 million euros during the corresponding period of 2017, an 84.6% increase, while consolidated net profit per share amounted to 0.0710 euros compared to 0.0373 euros for the first 3-month period of 2017, representing a 90.3%  increase.

As for the parent company, the total turnover amounted to 15.6 million euros, compared to 12.9 million euros in the equivalent 3-month period of 2017. EBITDA amounted to 12.3 million euros, compared to 11.3 million euros in Q1 2017, while EBIT amounted to 9.6 million euros, compared to 8.6 million euros for the first 3 months of 2017. Profits after tax (net profits) amounted to 5.4 million euros, compared to 4.8 million euros, and net profit per share amounted to 0.0653 euros, compared to 0.0582 for Q1 2017.

The EL.TECH. ANEMOS Group of companies currently operates 16 wind farms of 253.35 MW, one small hydroelectric project of 4.95 MW and one photovoltaic project of 2.00 MWp. Facilities with a total installed capacity of 168.20 MW are under construction.