NEW YORK, NY, Jan. 07, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Alternus Energy Inc. (OTC: ALTN), a global renewable energy company, recently announced its financial results for the quarter and nine months ended September 30, 2018.
Financial Highlights for the 3-months ended September 30, 2018
- Revenue for the quarter was $887,041, a 35% increase compared to $655,010 for the same quarter of the previous year.
- Gross profit was $422,160, a 43% increase compared to $293,120 for the same period last year.
- Operating profit was $183,111, a 240% increase compared to $53,853 for the same period last year.
- Net loss was $1,106,219, compared to a net loss of $404,025 for the same period last year.
- Financial Highlights for the 9-months ended September 30, 2018
- Revenue for the 9-month period was $2,308,844, a 46% increase compared to $1,574,973 for the same period the prior year.
- Gross Profit was $1,196,260, a 71% increase compared to $695,661 for the same period the prior year.
- Operating profit was $338,279, compared to loss of $12,738 for the same period last year.
- Net loss was $1,521,022, compared to a net loss of $1,198,190 for the same period the prior year.
Vincent Browne, CEO, President and Chairman commented, “We are pleased with the continued execution of our European operations which resulted in the year-on-year revenue growth. We believe we are in a strong position within our market segments to fully capitalize on the commercial potential there while exploring new growth opportunities. We continue to invest in our infrastructure and additional solar parks to increase our installed power, and the resultant increase in revenue and income streams that this brings, as well as our human capital to ensure continued growth.”
“As we enter 2019, we continue to evaluate the day-to-day operations of all subsidiaries and look for ways to improve all facets of our current business. With the contributions of our new German subsidiaries, for example, we now own twenty-five individual solar parks with a combined installed power capacity of 9.85 MW that together are expected to generate an average of 9,000 MWh per year representing approximately $1 million of recurring annual revenues for the next 20 years. Our goal is to create a global renewable energy company over the long term that can continue its growth path and build shareholder value,” concluded Mr. Browne.
For additional information, the full Q3 2018 report is available to view at: http://www.otcmarkets.com/stock/ALTN/filings
About Alternus Energy Inc.
Alternus Energy Inc. is a global renewable energy company that owns and operates Utility Scale Solar parks internationally. Each solar park generates clean energy every day that is sold to national power grids under long term, government counterparty, fixed price contracts. The Company currently has operational solar parks in Germany, Italy and Romania with contracts in place to add additional solar parks in the Netherlands. For further information please go to: www.AlternusEnergy.com
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," “potential” and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the OTC Markets. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.