German renewables developer PNE reported earnings of €8.7m in the first half of 2018, up from a loss of €1.8m in 2017.
Operating profit was €4.1m, compared with a loss of €5m in 2017, but sales were down in the first six months of the year to €28.4m from €39.5m last year.
The company said the latest results should be seen in the context of its 2020 wind farm portfolio strategy that requires advanced payments to build up to 200MW of projects mainly in France and Germany.
Earnings from the portfolio have not yet been realised at the group level and represent about €6.5m in the first half of 2018, PNE said.
“With a portfolio of company-owned projects, complete or partial sales to third parties outside the group are postponed, and thus also the group's earnings from these sales,” the company added.
PNE was awarded contracts for wind projects totalling 49.1MW in the first six months of the year as part of German onshore tenders.
It has also received a permit to build a 14.1MW wind farm in France.
PNE chief executive Markus Lesser: “The key indicators of the first half year are well on target and show that we generate positive results even during the investment phase.”