Offshore wind boosts Dong results

Denmark’s Dong Energy claimed the joint effect of divestments, cost cutting and a new capital injection leaves it well placed to deliver its ambitions, as offshore wind growth helped it to improved operating profits for 2013.

Dong made DKr15bn ($2.71bn) before interest, tax, depreciation and amortisation (Ebitda) in 2013, up from DKr8.6bn in 2012.

The Danish group said the improvement reflected higher earnings from its offshore wind activities – its fastest-growing area – cost reductions and increased ownership of a gas field.

Offshore wind revenue grew 12% year-on-year to Dkr12bn, Ebitda in the segment was 29% higher at 4.3bn.

The majority state-owned company last week saw political go-ahead for the controversial sale of a stake in Dong to a group including US investment giant Goldman Sachs, which will get a 19% stake.

Dong made a net loss Log in to read complete article.

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