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Quarterly profit of Nelja Energia halves to EUR 2.5 mln

Estonian news - eteap April 27, 2018

Baltic News Service. 27th of April, 2018

The net profit of the Baltic renewable energy company Nelja Energia AS in the first quarter of 2018 dropped 48.2 percent year on year to 2.5 million euros.

Operating income for the first three months of the year climbed 3.8 percent over the first quarter of 2017 to 18.3 million euros, the company told the Oslo stock exchange.

Earnings before interest, taxes, depreciation and amortization (EBITDA) contracted 17.5 percent to 10.2 million euros and pretax profit (EBIT) fell 31.5 percent to 5.7 million euros.

The amount of wind energy generated by the group during the three months was 166.6 gigawatt-hours, 19 percent less than in the first quarter of 2017. The group ascribed the drop primarily to low wind speeds in February. The average wind speed in the first quarter of the year was 6.1 meters per second in Estonia and 6.0 meters per second in Lithuania, compared with respectively 6.8 meters per second and 6.5 meters per second in the first quarter of last year.

In 2017, wind farms of Nelja Energia produced 761 gigawatt-hours of electric power, 23.7 percent more than in 2016.

Vardar AS, which through its subsidiary Vardar Eurus AS holds 77 percent of the shares in Nelja Energia, announced in January that it is considering exiting the Baltic market and selling its shares in the wind power developer Nelja Energia. Vardar said it has initiated a process to survey the interest for a sale of up to 100 percent of the shares in Nelja Energia.

Vardar AS is a Norwegian energy company devoted to investments in renewable energy production in the Nordic countries and the Baltics. Vardar Eurus is a company registered in Norway of which 90 percent belongs to Vardar AS and 10 percent to the Nordic energy investment fund NEFCO.

Estonian investors own 23 percent of Nelja Energia AS.

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