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Arise takes Q3 hit

Skr152 impairment, pre-tax losses knock Swedish developer

Arise takes Q3 hit image

Swedish renewables developer Arise Windpower has reported a pre-tax loss of Skr21m for the third quarter of the year, slightly less than the Skr22m deficit in the year-ago period.

The company also said it has recognised an impairment of Skr152m on “assets in relation to own wind power operations and…development”. No further explanation was given, although the issue widened the quarterly loss to Skr173m.

Renewables production was 106 gigawatt-hours for the quarter, down from 107GWh in the third quarter of 2016, due to “weaker winds and fewer farms”.

EBITDA stood at Skr19m, down from Skr91m.

Fuller figures for the nine months to end-September showed net sales of Skr197m, down from Skr303 for the corresponding period.

Image: Arise

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