Wind farm operator Greencoat Renewables has reported a pre-tax profit of €11.7m for the six months to the end of June, an improvement from the loss of €3.8m the same time the previous year.

Greencoat said its cash balances also increased by €11.8m to €35m over the period.

The group said its investments generated 195.3GWh of electricity in the six months, while its net cash generation amounted to €13.4m.

Greencoat also declared total dividends of 3 cent per share for the six month period.

It said the acquisition of Lisdowney, Tullynamoyle II and Dromadda More wind farms increased the company's portfolio to five wind farm investments.

Earlier this month it also agreed a deal to purchase a portfolio of four wind farms from Coilte which will increase the portfolio to nine wind farm investments with a net generating capacity to 299MW.

"The outlook for the company is positive, we have a high quality operating portfolio and a capital structure aligned for growth in an attractive secondary market for wind assets," commented its non-execuitve chairman Ronan Murphy.