HAMBURG (dpa-AFX) - Solar and wind farm operator Encavis benefited in the first quarter from its expanded generation capacities and recent acquisition. "Despite less favorable weather conditions and slightly lower electricity prices, we are looking at a successful first quarter of 2023," Chief Executive Officer Christoph Husmann said Monday, according to a statement. He added that the most important growth driver was the planned capacity expansion of the wind and solar park portfolio.

In the first three months, sales increased by nine percent year-on-year to 98.8 million euros after deducting the electricity price brakes, the MDax-listed company announced in Hamburg. Earnings before interest and taxes adjusted for special items rose by 1.4 percent to 35.3 million euros. The bottom line was an adjusted profit of 16.6 million euros, compared with 14.2 million euros in the previous year. The company attributed this mainly to the improved net interest result of the projects. The Group confirmed its targets for the full year./mne/stk