Photon Energy N.V. (WSE: PEN, the‘Company’), a global solar power solutions and services provider,today announced financial results for the third fiscal quarterended 30 September 2018. The Company posted quarterly revenue ofEUR 6.173 million, an increase of 25.8% from the year-ago quarter,and record profit before tax of EUR 1.543 million, up 74.8%compared to the prior-year quarter.
Building further on solid first half-yearresults, Photon Energy delivered an excellent set of financials inthe third quarter of 2018. In the reporting period the Companysignificantly increased revenue and operating profit, made progresswith its projects in Hungary and fully placed its EUR 30 millioncorporate bond.
The Company continues to see substantialgrowth in this quarter in many areas, including electricityproduction, development and engineering businesses and watertreatment services. With revenue of EUR 6.173 million, up 25.8%against the prior-year period, Photon Energy, thanks to its newactivites and a successful shift towards recurring revenue,recorded the seventh consecutive quarter in which the Company hasposted an accelerated revenue growth.
„We have clearly momentum building acrossmany areas of our business and we are relentlessly focused onfinding every opportunity to better serve our customers andstakeholders. Our strong, predictable cash flows and healthybalance sheet provide us with the financial flexibility necessaryto fuel these efforts and to make investments that will continue todrive growth,“ comments Georg Hotar, CEO of Photon Energy.
Consolidated EBITDA and EBIT increased at aslower pace to EUR 3.282 million (+4.5% YoY) and to EUR 1.371million (+11.6% YoY) respectively, due to increased human resourcesand administrative costs. Compared to the first nine months of2017, revenues increased by 28.6% to EUR 16.640 million, whileEBITDA rose by 4.9% to EUR 7.692 million, and EBIT improved by11.2% to EUR 3.022 million.
Reflecting the increased operating profit,the Company‘s profit before tax reached an all-time high of EUR1.543 million in the third quarter compared to EUR 0.883 millionposted in the year-ago period (+74.8%). On a year-to-date basis,Photon Energy nearly tripled its profit before tax to EUR 3.752million compared to EUR 1.339 million in the prior-year period(+180.2%). This substantial growth was driven largely by successfuldevelopment efforts in the Company‘s Australian business thatresulted in a capital gain of EUR 3.074 million following atransaction signed with Canadian Solar in the first quarter of thisyear. Accordingly, the Company nearly doubled its net profit to EUR1.217 million in the third quarter of 2018 against the prior-yearquarter (EUR 0.613 million). Year-to-date, the Company’s net profitrose to a record EUR 2.949 million compared to EUR 0.695 million inthe year-ago period (+324.1%).
Results will be discussed on Friday, 9November 2018, during a Q&A Chat conference call with GeorgHotar, CEO, hosted jointly with the Polish Retail InvestorsAssociation (SII) at 11:00 a.m. The chat will be webcast live inPolish and English on www.sii.org.pl.
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Martin Kysly
T +420 774 810 670
E martin.kysly@photonenergy.com