Dong upbeat on Q1 results

DENMARK: Dong has announced a first quarter net profit of DKK1.7 billion (€227 million) an increase of DKK200 million on the same period last year.

Dong CEO Henrik Poulsen - Dong to complete two offshore projects in 2015
Dong CEO Henrik Poulsen - Dong to complete two offshore projects in 2015

The company has posted revenue of €2.58 billion, a 4.58% increase on Q1 2014, helped by its wind power division and the sale off licence interests in the Glenlivet gas field in 2014.

Dong said ebitda has fallen slightly to DKK6 billion from DKK6.3 billion last year. It said this was down to selling half of its 50% share of London Array in February last year to Caisse de duput et placement du Quebec. Looking ahead, Dong said it expected ebitda to go to DKK15.5 billion (€2.07 billion) for 2015.

This helped the company bank ebit of DKK3.91 billion, a 5.9% decrease on the previous year.

In terms of wind power, Dong said revenue from its wind division had gone up to DKK 3.9 billion from DKK 3.3 billion, although ebitda for wind was down 36% to DKK 1.897 billion.

According to Windpower Monthly's data division Windpower Intelligence, Dong has around 3.1GW of projects online including 400MW Anholt and 640MW London Array. Last year it brought online the 389MW West of Duddon Sands wind farm, off the east coast of the UK.

Speaking about the results, Dong CEO Henrik Poulsen said: "We remain highly committed to putting action behind our vision of leading the transformation of the energy system. In the course of 2015, we expect to complete two large offshore wind farms, Westermost Rough in the UK and Borkum Riffgrund 1 in Germany."

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