CUXHAVEN (dpa-AFX) - Unusually high interest expenses caused wind farm developer PNE to post a loss in the first half of the year. The result amounted to minus 14.1 million euros - after a profit of 10.4 million euros a year earlier, the company announced in Cuxhaven on Thursday. In addition, the first half of last year was characterized by higher electricity prices and a high wind supply, it added. Group CEO Markus Lesser, however, also expressed satisfaction with the past months and confirmed the annual forecast.

PNE is well on track with the expansion of its three business segments despite a sharp rise in material prices and extended supply chains, Lesser said, according to the statement. The project pipeline has reached a record level, he added.

Sales increased by almost ten percent to 57 million euros in the first half of the year. Before interest, taxes, depreciation and amortization (Ebitda), however, remained at euro 18.1 million, only slightly more than in the previous year. For the year as a whole, PNE aims to generate an operating profit of between 30 and 40 million euros. In particular in the onshore and offshore wind and solar energy business, Group CEO Lesser does not expect the bulk of the profits to be generated until the second half of the year./lew/mis