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Photon Energy NV - Quarterly report 2019Q2
Photon Energy Reports 17.6% Revenue Growth and Positive Results in 2019Q2
Photon Energy N.V. (WSE: PEN, the 'Company') today announced financial results for its second quarter ending on 30 June 2019. Consolidated revenues increased by 17.6% to EUR 7.941 million, delivering an EBITDA of EUR 3.515 million, up 3.8% year-on-year. Both net profit and total comprehensive income returned to the black in 2019Q2 compared to losses in the corresponding period in 2018.
The Company attributed the 17.6% (YOY) increase in revenues primarily to the increase of electricity production sales and the expansion of its proprietary portfolio of PV power plants in Hungary by 11.6 MWp, the engineering business in Australia, and PV technology trading. Production reached 14.5 GWh (up 36.8% YOY) in the second quarter compared to 10.6 GWh in the corresponding quarter last year.
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