Denmark’s Dong Energy, the former oil and gas turned wind specialist, has kept it’s books in the black.
Despite narrowing half year profits to 4.4billion Danish Kroner (£534million) , down from last year’s £849million in the same period, the windfarm operator reported largely positive half year results.
Revenue fell marginally by 1% from £3.9billion to £3.8billion.
However profits before tax went down 37% from £849million to £533million.
The fall was due to lower revenue from the construction of offshore windfarms and transmission systems but was offset by higher revenues from power.
Compared to the same quarter last year, the company saw profits shoot up by 333%. in Q2 2017.
Net debt increased by DKK 461million in Q2 2017 and amounted to £1.2billion by the end of June 2017.
It has been a significant year for the rewenables pure player, having sold off its oil and gas business to petrochemical giant Ineos, achieving first power from several windfarms as well as making strategic moves for the future in the European and North American markets.
Commenting on the half year report, Henrik Poulsen, chief executive and resident, said: “H1 showed strong strategic progress supplemented by good financial and operating results.
“In recent years, our employees have made an outstanding contribution to transforming DONG Energy from a Danish company primarily focused on gas, oil and coal to being a global leader in renewable energy.
“They continue to pursue profitable, long-term growth and deserve huge recognition for their entrepreneurial spirit, diligence and hard work.”
In May and June, Dong inaugurated the UK offshore wind farm Burbo Bank Extension off the coast of Liverpool and the German offshore wind farms Gode Wind 1 and 2.
Furthermore, May saw the first power from Race Bank, off the Lincolnshire coast in the North Sea, which is expected to be commissioned at the start of next year.
Dong has plan to commission the first commercial unsorted tp into green energy plant in Northwich later this year.
Farm outs of windfarms will only be considered if “they are value creating in their own right”.
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