Oslo, October 25, 2006: Renewable Energy Corporation ASA (REC) reported revenues of NOK 1,139 million in the third quarter 2006, an increase of 51 percent from the NOK 755 million reported in the third quarter 2005.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was NOK 522 million in the third quarter 2006, compared with NOK 250 million in the third quarter 2005. The EBITDA margin was 46 percent, compared with 33 percent in the same quarter last year. The operating profit (EBIT) was NOK 422 million in the third quarter, compared with NOK 185 million, and the EBIT margin increased to 37 percent from 25 percent in the same quarter last year.
Profit before tax was NOK 512 million in the third quarter 2006, compared with a loss of NOK 205 million in the third quarter 2005. Adjusted for changes in fair value assessment of foreign exchange of convertible loans, the profit before tax was NOK 143 million in the third quarter last year.
Earnings per share were NOK 0.69 in the third quarter 2006, compared with NOK -0.5 in the third quarter 2005, on both a basic and diluted basis.
