Profit at Danish utility Orsted surged during the third quarter due to the sale of its Danish power distribution business (Radius) while massive construction costs in wind power lowered operating profits.

Earnings before interest, taxes, depreciation and amortisation (Ebitda) fell 18% to DKr3.36bn ($532m) in the third quarter of 2020 compared to the year-earlier period, amid high construction activity at the 1.4GW Hornsea 2 offshore wind project in the UK.

Earnings from offshore and onshore wind farms in operation actually rose 13% to DKr3.4bn