Weaker winds hit Futuren
Revenue down 4% in 2016 but net profit expected for the year
French developer Futuren reported a 4% drop in revenue for last year due to weaker winds, but said it expects to post a net profit for 2016.
Revenue fell to €56.6m compared with €59.1m in the previous year, with sales of electricity down 3% to €49.4m in the period.
Earnings from wind farm development and management dropped 10% to €7.2m.
Futuren, formerly Theolia, said sales were hit by unfavorable wind conditions in the second, third and fourth quarters of 2016.
The company, which owns 374MW of wind capacity, has 168MW of authorized projects that will be commissioned over the next three years.
It will start building a 21MW wind farm over the coming days.
The final full-year accounts will be published on 24 March.
“In a context of globally unfavorable wind conditions that affected the sector last year, Futuren expects to record a new net profit in 2016,” chief executive Fady Khallouf said.
“Strong fundamentals and a continued control of its costs enable the group to confirm its positive momentum.”
Image: Futuren (Theolia)