Norwegian solar company Renewable Energy Corporation ASA (REC) (REC.OL) reported increased revenue and earnings for 3Q08.
3Q08 Revenue was NOK 1,919 million, an increase of 30% from NOK 1,480 million in 3Q07. Revenues for the first nine months of 2008 were NOK 5,811, representing an increase of 22%.
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to NOK 711 million in 3Q08, an increase of 11% from NOK 643 million in 3Q07. The EBITDA margin of 37% in 3Q08 compares with 43% in the same quarter last year. Nine months over nine months, the EBITDA increased 1% from NOK 2,324 in 2007 to NOK 2,342 million in 2008.
REC said operating profit (EBIT) increased by 9% to NOK 537 million in 3Q08, mainly due to higher production and revenues, compared with NOK 495 million in the same quarter last year. The EBIT margin of 28% was a down from 33% in the third quarter last year.
For the first three quarters of 2008, EBIT declined 4% to NOK 1,833 million compared with NOK 1,911 million for the same period of 2007.
Profit before tax was NOK 1,761 million in 3Q08, compared with NOK 57 million in 3Q007. For the first three quarters of 2008 the profit before tax was NOK 2,797 million compared with NOK 1,362 in the same period 2007.
Earnings per share were NOK 2.52 in the third quarter 2008 and 3.95 year to date, compared with NOK 0.05 in the third quarter 2007 and 1.86 for the first nine months of 2007, on both a basic and diluted basis.
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