NTR reports 300% hike in earnings

NTR has reported a more than 300% increase in earnings generated from continuing operations as a result of a new wind farm coming on stream and a further reduction in costs.

In its interim report for the first half of the year ending Sept 30, 2013 the company reported earnings before interest, taxes, depreciation and amortisation (EBITTDA) of €19.7m or 336% higher than the same period last year.

The huge jump in earnings came from the starting of operations of the Post Rock wind farm facility and a further reduction in costs across the group.

The group made a profit of €1.8m. This represented a large improvement on the same period in 2012 when the company made a loss of €46.8m.

NTR chief executive Rosheen McGuckian said the group is rebuilding business momentum and its projects are performing well.

“We are very pleased to be rebuilding our business momentum with the backing of a strong balance sheet,” she said.

“Our operating projects are performing well and we are making excellent progress in identifying wind project investment opportunities in the UK and Ireland which should result in attractive yields,” she said.

The company has 351MW operating in the US and an additional 150MW under construction with a conditional sale agreement in place.

The group is now actively pursuing investment opportunities in wind projects across Ireland and the UK.

A note in the company’s account stated that NTR had been successful in its appeal to the Supreme Court over historical overpayment of rates amounting to €8.6m arising from the West-Link toll concession.