NTR investors report €35m loss

Irish renewable energy investor group NTR, which has invested heavily in wind farms in America, has reported losses of $46.8m (€35m).

The losses included a once -off loss of $40.8m from a discontinued operation and were $1.5m less than the loss of $48.3m incurred the year before.

The company is the process of removing itself from the waste sector and moving fully into renewable energy.

Chief executive of NTR Michael McNicholas, who leaves the group in June to join Bord Gáis, said that the group was nine months ahead with its three-year plan to reshape the business.

“The group has made substantial progress and has largely completed the agreed restructuring plan,” he said.

“We are seeing the fruits of all the hard work over the last few years to reposition the company.

“The wind business is now firmly established, with 351MW of operating assets and another 150MW ready to commence construction in 2013.

“NTR is financially strong and well positioned to explore further opportunities in the renewable energy sector,” he said.

Mr McNicholas stressed that the group’s financial position, when the once-off costs of the disposal of business were removed, was improving on a year-on-year basis.

Revenue from continuing operations was €10.8m, compared to €10m in the same period last year, while earnings before interest, taxes, depreciation, and amortisation from continuing operations increased to €4.5m from a loss of €3.4m compared to last year.

NTR sold a number of its subsidiaries during the year and said that the company had achieved a good return on them.

It sold Greenstar, to Waste Management Inc, for a gross consideration of $180m, with up to an additional $40m payable on an earn-out basis.

Now that the company is focusing on the renewable sector, Mr McNicholas said that it is looking at expanding into the European market and is mainly focusing on wind energy.

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