Dong Energy Reports 37% EBITDA Increase in Q1

Dong Energy reported a 37% increase in EBITDA in the first quarter of the year compared to the first three months of 2013. 

‘EBITDA was DKK 6.3 billion in Q1 2014 compared with DKK 4.6 billion in Q1 2013. The increase relative to the same period last year was due to higher earnings from wind activities, higher production in Exploration & Production, lower costs as well as a gain from the divestment of 50% of DONG Energy's ownership interest in the UK offshore wind farm London Array,’ reads a note released on Thursday. 

On the other hand, Dong Energy reported lower gas sales, which partially offset the positive trends.

"The implementation of our strategy is proceeding according to plan. In Q1, we completed our financial action plan, which has raised a total of DKK 33 billion through divestments and injection of additional equity. This contributed to a significant reduction of our debt and has created the foundation for our ability to continue our growth investments and the development of DONG Energy's strong market positions in North West Europe,” CEO Henrik Poulsen commented in the press release.