Wind and solar energy generator Infigen Energy has swung to a full-year profit after selling off its US businesses and lifting revenue from its core Australian operations nearly 30 per cent.
Net profit for the 12 months to June 30 was $4.5 million, compared to a $303.6 million loss for the prior corresponding period, and the company has $100 million cash set aside for growth following the sale of its US assets in July.
Infigen, which lifted revenue from continuing operations 29.5 per cent to $173.2 million thanks to factors including higher electricity prices, higher revenue from hedging activities and higher production, reported a 44 per cent increase in underlying earnings to $120.2 million and expects another eight per cent rise in 2016/17.
