Germany

Germany

PNE Wind 1H revenue falls 60%

GERMANY: Wind developer PNE Wind's first-half revenues fell to €16.59 million for the first half of 2011, down from €41.12 million in the first half of 2010.

First-half revenues for the developer this year have fallen by 83% from their 2009 first-half levels of €98.69 million.

Pre-tax profit for the first half of the year was just €0.95 million, down from €8.2 million for the first six months of 2010.

Despite the falls in profits and revenues, the developer published an upbeat statement, citing a strong pipeline of offshore wind projects in particular.

The firm expects to make a number of successful sales of its schemes that will lead to its cumulative pre-tax profit from 2011 to 2013 to total between €60 million and €72 million.

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