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PNE Wind’s Q3 2010 loss halves

PNE Wind AG’s third quarter (Q3) 2010 consolidated loss halved to €1.7 million as revenues soared nearly 280% to €15m.

EBIT loss narrowed 88% to €343,000. PNE Wind says they have benefited from a slowly recovering market and an increasing pace of repowering projects across European wind farms.

PNE Wind AG expects additional positive effects for the German wind energy market in the medium to long term from the start-up of repowering, which means the replacement of old by new wind power turbines,” the company states.

For the first 9 months of the year, consolidated profit soared 224% to €4.3m. Revenues jumped 45% to €56.2m and the EBIT rose 55% to €7.9m.

PNE Wind says results for the first 9 months were dominated by the successfully completion of its onshore wind farm projects for EnBW Erneubare Energien GmbH.

Martin Buillhardt, Chairman of the Board of Directors, says: “Our company’s operational development is progressing according to plan.

“Four offshore wind farms have already been handed over to our contract partner, EnBW, and a further wind farm will shortly be handed over.

“In addition, PNE Wind AG successfully completed its second repowering project. We see a great potential for our company in this area. The development of our offshore project is progressing as planned.”

Outlook 2010-2012

For the short to medium term, PNE Wind believes the planning of onshore wind farms in Germany will be “a major pillar of the development of the company.”

The Board is maintaining its forecast of a group total EBIT in the range of €42-54m for the period 2010-2012.

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