Italy’s KREnergy turns to EUR 10.8m net profit Jan-Sep 2013

Nov 14, 2013 - Italian renewable energy company KREnergy SpA (BIT:KRE) on Wednesday reported a net profit of EUR 10.8 million (USD 14.5m) for the nine months of 2013, against a net loss of EUR 7.9 million in the same period of 2012.

The result includes a capital gain generated from the sale of subsidiaries Fimas and Anghiari, and from the closure of the liquidation process of Solare Italia Investimenti Srl, KREnergy said.

Net revenues at end-September stood at EUR 8 million, slightly up from EUR 7.9 million a year earlier, mostly from solar power operations.

Gross operating profit totalled EUR 3.5 million, in line with the nine months of 2012, and the company booked a net operating loss of EUR 103,000, versus an operating profit of EUR 730,000.

The net financial debt shrank by 2% to EUR 37.8 million and the net worth increased by 50% to EUR 34.7 million.

The group's total installed capacity at end-September 2013 reached 27.34 MW, a rise by 2.7 MW from a year earlier, of which 9.2 MW hydropower, 13.9 MW solar power, and 7.2 MW from cogeneration.

Power generation in the nine months stood at 50,184 MWh, up 29% annually, with a 79% surge in hydropower generation to 11,295 MWh.

(EUR 1 = USD 1.347)

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