Photon Energy doubles O&M assets in 2014 despite revenue drop

Dutch solar power group Photon Energy on Tuesday posted a 15.2% year-on-year drop in annual revenue to €11.76 million for the full year 2014 while managing to reduce its net loss by 18.9% to €4.05 million.

The company reported continuing growth in its Operations & Maintenance portfolio, which doubled its assets under management in 2014 to a total of 122.5 MW.

Photon also reached profitability before interest and tax with €183,000 after an EBIT loss of €1.5 million in 2013.

The Amsterdam-based company said its bottom line was strongly impacted by a €2.23 million (non-cash) loss on the revaluation of derivatives linked to the strong decline in market interest rates.

In the fourth quarter, Photon’s revenue declined by 44% year-on-year to €1.49 million while its net loss jumped 75% to €1.3 million. Similarly, at the EBIT level a profit of €460,000 in the fourth quarter of 2013 was followed by a €1.13 million loss in 2014.

Among the group’s achievements in 2014 was the connection of its first solar off-grid project in Australia, which took place in the fourth quarter of last year.