LONDON (Reuters) - British power producer Drax (DRX.L) reported a 17 percent fall in core annual earnings to 140 million pounds ($175 million), slightly below analysts’ estimates, citing weak power prices and the loss of revenue from a green energy scheme.
Full-year earnings before interest, tax, depreciation and amortisation (EBITDA) were 140 million pounds, against 169 million pounds in 2015 and consensus analysts’ forecast of 143 million pounds, the company said on Thursday.
The power producer, which is converting its huge Yorkshire coal-fired power station to run on biomass, made three times more revenue from providing back-up power supply services than the previous year, with revenue of 47 million pounds.
($1 = 0.8019 pounds)
Reporting by Karolin Schaps; Editing by David Goodman