US waste group Covanta back in the black


American waste-to-energy specialist Covanta Holding Corporation has closed 2015 with a net profit of €68m. A year earlier, the company had posted a net loss of $2m.

The company's annual revenue fell $37m over the same period to $1.65bn, according to unaudited figures released on Tuesday. The decline in turnover was primarily due to decreases in energy prices, Covanta said, with sales of metals recovered from incineration ash also suffering due to the weak scrap market.

The company's first European project, the construction of a waste-to-energy facility in Dublin, Ireland, with an annual capacity of 600,000 tonnes, is reportedly more than halfway to completion. Covanta expects the warm commissioning to start in late 2017.

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