Scatec Solar’s consolidated net profit dropped in second quarter of 2019 yoy

The Norwegian solar project developer and power plant operator Scatec Solar ASA delivered record results in second quarter 2019 with proportionate revenues of NOK 1,648 million ($192 million) compared to NOK 1,229 million ($143 million) in the same quarter of 2018.

Power Production reached 198 GWh on proportionate basis, almost tripling production compared to the same period last year.

Second quarter revenues and EBITDA continued to grow compared to the same quarter last year. According to the company, this reflects continued high activity in the Development & Construction segment with revenues of NOK 1,339 million (Q2 2018: NOK 1,045 million) and EBITDA of NOK 165 million (Q2 2018: 140 million). Net profit was NOK 142 million ($16.5 million) compared to NOK 85 million in Q2 2018.

In the Power Production segment, installed capacity was 911 MW at the end of second quarter. »Our project backlog and pipeline exceed 5 GW,« says Raymond Carlsen, CEO of Scatec Solar.

With proportionate financials, Scatec Solar reports its share of revenues, expenses, profits and cash flows from its subsidiaries without eliminations, based on the company’s economic interest in the subsidiaries.

Scatec Solar’s second quarter consolidated revenues in accordance with International Financial Reporting Standards (IFRS) were NOK 376 million ($43.8 million) compared to NOK 286 million in the same quarter of previous year, and EBITDA (earnings before interest, tax, depreciation, amortisation and impairments) reached NOK 290 million (NOK 212 million). Net profit was NOK 21 million ($2.5 million) compared with NOK 102 million in Q2 2018.