NTR, an investor in renewable energy, has today reported profits of €35.7m for the year to the end of March, up 13.9% on the previous period.

The company said its revenues for the year were unchanged at €45.5m.

NTR said its profits were boosted by foreign exchange gains on the strengthening US dollar. It also recorded an income tax credit of €8.1m due to changes in inflation assumptions relating to the sale of the West-Link toll bridge in Dublin.

Total assets at the end of the year stood at €737m, up 19% on the €618m the previous year.

NTR said the two road assets in which it holds a 33.33% shareholding saw growth in traffic numbers last year. Traffic numbers at Portlaoise rose by 5% while Waterford saw 9% growth. But the company said the investments continue to remain "challenged"

NTR said its water assets performed to plan, with water treatment standards being maintained in plants that are operating to capacity in some locations. Just before the end of its financial year, NTR increased in stake in Celtic Anglian Water from 38.4% to 50%.

The company said a total of €7.1m was invested in wind farm projects in Northern Ireland through project acquisition and construction costs. NTR now owns four operational single turbine sites there, with another eight due for construction this year.

The group has also secured over 65MW of wind projects in Ireland and the UK, which are in various stages of due diligence, with a further pipeline of over 250MW of projects under review.

The company's chief executive Rosheen McGuckian said the sale of the company's Wind Capital unit marked the second successful exit from its wind investment portfolios.

"As we look ahead, while we fully expect to be profitable as a result of the sale of the US wind assets within this financial year, revenues from our new investments should start to flow in 2016 through 2017 as projects complete construction and energy flows. Our goal is to have profits fully running to a steady state basis by 2018," Ms McGuckian added.