BERLIN (dpa-AFX) - Encavis AG (ECV.DE), a German renewable energy producer, reported that its adjusted operating earnings before interest, taxes, depreciation and amortization or operating EBITDA for the first nine months of the financial year 2024 was 201.3 million euros, down from 246.1 million euros in the prior year.
Adjusted operating earnings before interest and taxes or operating EBIT for the period decreased to 109.3 million euros from 158.9 million euros in the prior year.
Net operating revenue was around 321.6 million euros down from 356.1 million euros. The decline in revenue was largely due to the difficult interest rate environment in the Encavis Asset Management business and delayed commissioning.
Looking ahead for fiscal year 2024, the company now expects EBIT to be in the range of 135 million euros - 145 million euros, EBITDA of 260 million euros - 270 million euros and revenue of 425 million euros. Previously, it expected EBIT to be more than 175 million euros, EBITDA of more than 300 million euros and revenue of more than 460 million euros.
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