Argan's net profit grows in Q3 FY 2012/13

Dec 14, 2012 - US gas and renewable energy plants builder Argan (NYSEAMEX:AGX) on Thursday reported net profit of USD 6.1 million (EUR 4.7m) for its third quarter through October, up from USD 2.0 million a year earlier.

Earnings per diluted share were USD 0.43, up from USD 0.15 in the corresponding period in 2011.

Earnings before interest, tax, depreciation and amortisation (EBITDA) from continuing operations came in at USD 9.6 million, compared with USD 4.0 million a year ago. Argan's alternative energy subsidiary Gemma Power Systems brought EBITDA of USD 10.5 million, up from USD 4.7 million.

Third-quarter revenues hiked to USD 74.5 million from USD 43.6 million previously, with Gemma accounting for 95% of revenues at USD 70.5 million. The strong growth reflected intense construction activity at a big gas-fired power station in California and the full construction activity that began at a 49.9-MW biomass power plant in Texas.

In the nine months to October, Argan's net income totalled USD 16.7 million, up from USD 4.7 million in the same period in 2011, on revenues of USD 220.8 million, compared with USD 85.9 million previously. Gemma's nine-month revenue added up to USD 206.4 million, up from USD 79.7 million a year ago.

(USD 1.0 = EUR 0.765)

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