Mytilineos blog posts US$ 91 million profit but renewables earnings slide

• Greek industrial group Mytilineos recorded an internet revenue of EUR77 million (US$ 91 million) in H1 2021, nonetheless the company's renewables department witnessed a drop in income year-on-year.

Internet earnings increased 11% on year-on-year, nevertheless the rise would certainly have been starker omitting non-recurring products in both years, Mytilineos stated, climbing 51% to EUR81 million contrasted to EUR53 million in H1 2020.

Similarly, turnover and also incomes before rate of interest, tax, depreciation as well as amortisation (EBITDA) got to EUR994 million and also EUR156 million, specifically, for H1 2021-- a rise of 7% for both-- but, once again, taking out one-off repayments increases EBITDA to 29%, according to Mytilineos.

Yet the company's renewables unit confirmed to be a lag on team outcomes. During Q1 2021, the Renewables as well as Storage space Development business unit videotaped turn over of EUR117 million, totaling up to 12% of total turnover, contrasted to EUR179 numerous the very same duration in 2020-- an autumn of 35%. Caveating this, nonetheless, is a portfolio of EPC projects in South America, Europe as well as Kazakstan with 700MW ability that are currently incomplete.

At the same time, Mytilineos has waged a number of building and construction works in Chile, Spain, Uzbekistan as well as Greece, as well as its backlog of third-party design, procurement and also building (EPC) projects stands at EUR367 million at the end of H1 2021-- up 160% year-on-year.

"The Renewables and also Storage Space Development Business Unit [...] is carrying out the existing contracts without any hold-ups, while the Business additionally expects to take advantage of fulfillment of considerable financial investments that are gradually obtaining finished," claimed chairman and also Chief Executive Officer Evangelos Mytilineos.

Mytilineos anticipates its financial performance to be "significantly improved" simply put term "as need, aluminium rates and also costs remain to raise, while electricity costs and also usage are growing in tandem," stated Mytilineos.

The firm will certainly be buoyed, nevertheless, by its Q2 2021 performance, which was stronger than the opening quarter. Turnover and EBITDA climbed by 19% and also 16%, specifically, while internet revenue after minority interests came in at EUR40 million, uploading 21% growth.

While the "basic atmosphere remains unsure", the firm said it has the "foundations for achieving a record high financial efficiency throughout the year".