Enetronica reports revenue and profit drop for 2016

The Italian solar EPC contractor and inverter producer Enertronica reported a slight decline in revenue and profits for 2016.

Last year’s turnover came in at €89.9 million ($97.0 million), down from €108.3 million ($116.8 million) a year earlier. The company’s operating result decreased from €7.2 million ($7.7 million) in 2015 to €4.3 million ($4.6 million) in 2016. Net profit also dropped year-on-year from €3.7 million ($3.9 million) to €2.5 million ($2.7 million).

The company specified that approximately €12 million in revenue related to its South African projects was delayed to 2017, and that the contraction in profits is due to extraordinary and nonrecurring items related to its Italian subsidiary.

Furthermore, the company said that the board of directors has approved the industrial plan for the period 2017-2019. The plan aims at strengthening the company’s position in the EPC solar market. Moreover, Enertronica said it intends to act as an independent power producer and to invest in PV projects of up to 10 MW worldwide.

Enertronica’s 2016 financials do not include the results of its subsidiary specializing in inverter production Elettronica Santerno, which was acquired from the Italian industrial group Cararro in November.

According to Carraro’s 2016 financial results, Elettronica Santerno closed last year with total turnover of €36.1 million ($38.5 million), an increase of 2.8% compared to €35.2 million ($37.5 million) in 2015. Last year’s results, however, do not include the month of December.

Enetronica acquired a 51% stake in Elettronica Santerno through the subscription of a capital increase totaling €2.25 million ($2.40 million). Carraro said this sum was exclusively dedicated to the revival of the unit and in investments in R&D. Enertronica now has the option to acquire a further 8% interest through another capital increase of €1 million ($1.0 million) by the end of 2018.

Looking forward, Enertronica said it expects to achieve revenue of €117 million this year. Furthermore, the company forecasts its net profit will reach approximately €7 million.