Renewable energy and waste management company NTR says its revenues for the six months to the end of September rose by €50m to €168m.
The group reported an operating loss of €90.9m for the six month period, compared to an operating loss of €60.6m the same time last year.
The losses include €73.8m of costs in NTR's solar division, which have since been significantly curtailed with the move to sell 1.5GW of solar projects.
The company said its total assets stood at €1.26 billion by the end of September, while its cash resources came to €124m.
'Having taken the necessary actions in relation to our solar division, we expect to report a significant deceleration of solar expenditure in the second half of the year, resulting in the continued financial resilience of the group,' commented NTR's chief executive Jim Barry.
'In addition, the sale of our interests in two major Californian solar projects should realise cash resources over time,' he added.
NTR also announced a deal today with investment group BlackRock Inc to launch a new renewable power investment group. It said this will combine its track-record in renewable power infrastructure development with the global fund management and distribution capabilities of BlackRock.
'We see this as an exciting and significant development for NTR as for some years now, we have identified renewable power as being a highly attractive asset class,' Mr Barry said.
As a result of the deal, Mr Barry will move to BlackRock as chief investment officer of the renewable power investment platform between now and the summer.
Michael McNicholas, currently NTR's chief operating officer, will become deputy CEO of the company and will assume responsibility for day to day operations with immediate effect.
NTR said it would not be declaring an interim dividend. It said it aimed to 'monetise' non-core assets at the right time and planned to deliver a 'significant liquidity event' for shareholders within three years. The company's shares are currently traded on the 'grey' market.
