DUBLIN-BASED NTR expects to make a loss this year and next as it continues to invest in its renewable energy activities in the US.
“We certainly will [lose money] for this year and we would expect to for next year as well,” said NTR group finance director Michael Walsh.
His comments followed the publication of NTR’s results for the first half of its financial year.
Revenues fell 27 per cent to €205.4 million in the six months to the end of September. Its group operating loss was €64.9 million compared to just €200,000 last year. NTR’s turnover this year was hit by the loss of €17 million in revenues from the West-Link toll bridge in Dublin, which has transferred back to State ownership.
Its Greenstar waste management subsidiary in Ireland was also affected by the recession.
NTR said €41.6 million of its losses were attributable to development spend on its solar and wind businesses in the US.
The Irish company, controlled by Tom Roche and his family, successfully financed a 150MW, $300 million (€209 million) wind farm in Lost Creek, Missouri.
NTR also refinanced a €120 million corporate debt facility for Greenstar in Ireland, with the maturity extended to 2012. It is understood HSBC joined the seven-strong consortium of banks, with KBC stepping out. “I wouldn’t underestimate the significance of that in this environment,” Mr Walsh said.
NTR restructured its Greenstar business here to take account of the downturn. Ninety staff were made redundant, and pay cuts were introduced.
