CUXHAFEN (dpa-AFX) - A negative interest result has burdened the wind power and photovoltaic project developer PNE in the first nine months of the year. The bottom line was a loss of just under 25 million euros, as the company announced in Cuxhaven on Monday. In the previous year, PNE had still achieved a profit of euro 6.6 million. The Group thus widened its loss compared to the first half of the year. PNE also felt the effects of the difficult market environment in operational terms. The share lost around one percent in the morning, making it one of the bigger losers in the SDax.

At the end of last year, the share had experienced a high, which was mainly driven by investors' takeover fantasies. However, these came to an end and profit-taking set in. The share price has since returned to the level of spring 2022, meaning that PNE is worth around EUR 940 million on the stock market.

Earnings before interest, taxes, depreciation and amortization fell from EUR 21.1 million to EUR 16.5 million in the nine months to the end of September compared to the same period of the previous year. Turnover fell slightly from 76.7 million to 75.7 million euros. Numerous factors are currently leading to project delays in the industry, explained PNE. For example, delays in transport permits meant that some projects had to be postponed until next year. In addition, there were volatile supply chains due to the war in Ukraine. High interest rates and persistently rising material costs also had a negative impact.

By contrast, the product pipeline continues to grow. After nine months, the nominal output of the pipeline for wind and photovoltaic projects increased from 11,430 megawatts (MW) to 17,527 MW. Onshore wind energy projects accounted for the lion's share. However, photovoltaics in particular is growing rapidly. The expansion of the self-operated wind farm portfolio is also making progress and is expected to "significantly exceed" the 500 megawatts in operation or under construction expected for the end of 2023, it said.

PNE confirmed its forecast for the year and continues to expect an operating profit of euro 30 million to euro 40 million./nas/lew/mis