Norwegian Renewable Energy Corp. ASA (REC.OS) said Tuesday it
swung to a NOK6.68 billion net loss in the second quarter as
impairment charges pressured results. It also said it plans further
production cuts.
MAIN FACTS:
-The firm had a net loss of NOK6.68 billion for the second
quarter, compared with a net profit of NOK757 million for the same
period last year.
-According to a Dow Jones/Factset analyst survey, average
expectations were for a NOK163.1 million net profit.
-Impairment charges amounted to NOK6.5 billion, related mainly
to the firm's operations in Norway.
-Revenue increased to NOK3.39 billion from NOK2.76 billion a
year earlier, but was below the NOK3.43 billion analysts had
expected.
-Earnings before interest, taxes, depreciation, and amortization
was NOK871 million, compared with NOK455 million a year
earlier.
-The firm said market conditions are expected to improve in the
second half, but it still targets further production cuts.
-Shares closed at NOK8.30 Monday.
-By Katarina Gustafsson, Dow Jones Newswires +46-8-5451-3097;
katarina.gustafsson@dowjones.com