Photon Energy NV has published its report for 2017 Q2 with unaudited half-year figures. Photon Energy saw improvements across all business lines and recorded the highest half-year revenues in its history, which carried through to the strongest HY EBIT and highest HY profit before taxation, leading to a swing into profit after taxation.
“The last quarter was another milestone in Photon Energy’s history, being the one of the best quarters in Photon Energy NV’s history and rounding off a solid first half of 2017. We have delivered significant improvements year-on-year, including a profit after taxation, and we are now harvesting the fruits of hard work and of the important steps we undertook in terms of financing, restructuring and business orientation over the past years”, commented Photon Energy CEO Georg Hotar.
Photon Energy’s half-year revenues increased 23.3% to EUR 8.031 million, while EBITDA rose 20.5% to EUR 4.193 million and EBIT was up 71.8% to EUR 1.487 million. Photon Energy also managed to turn around its loss before taxation from EUR 1.119 million in 2016H1 to a profit of EUR 0.456 million in 2017H1. This resulted in a EUR 0.082 million positive net result, compared to the EUR 1.044 million loss during the same period a year earlier.
On a quarterly basis consolidated revenues increased by 15.8% YOY to EUR 5.245 million. EBITDA increased by 11.9% to EUR 3.119 million and EBIT grew by 26.6% to EUR 1.223 million. Photon Energy recorded a profit after taxation of EUR 0.394 million in 2017Q2, compared to EUR 0.347 million for the same period last year (+13.5% YOY).
The positive figures for the first half year are mirrored by operational progress in the first six months of 2017. Photon Energy entered the Hungarian PV market, where it aims to build solar power plants for its proprietary portfolio and external clients. In Australia important progress has been made on the development of large-scale solar power projects. Photon Energy also initiated the refinancing of its corporate EUR bond 2013/2018 by mandating Munich-based Dero Bank AG to act as advisor and lead manager.
“We have big plans for the upcoming quarters, in particular for adding power plants in Australia and Hungary to our proprietary portfolio. We are convinced that our continued improvements send a clear signal to current and potential investors, that we are in a sound and strong position to realise those ambitious plans”, CEO Georg Hotar concluded.
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