Sep 13, 2012 - US gas and renewable energy plants builder Argan Inc (AMEX:AGX) on Wednesday reported a net profit of USD 6.2 million (EUR 4.8m) for its second quarter through July, up from USD 2.1 million a year earlier.
Diluted earnings per share stood at USD 0.45, compared with USD 0.15.
Earnings before interest, tax, depreciation and amortisation (EBITDA) from continuing operations grew to USD 9.8 million from USD 2.5 million. Argan's alternative energy subsidiary Gemma Power Systems brought EBITDA of USD 10.1 million, up from USD 3.1 million.
Second-quarter revenue more than tripled to USD 82.6 million from USD 26.3 million, with 95% or USD 78.1 million coming from Gemma. The latter’s revenues came from a large gas-fired plant contract in California. Later in the year, Argan expects additional revenues from Gemma as a result of a contract award for the construction of a 49.9-MW biomass power plant in Texas.
In the six months to end-July Argan’s net profit rose to USD 10.6 million from USD 2.7 million, while revenues jumped to USD 146.3 million from USD 42.3 million. Gemma’s six month revenue was USD 135.8 million, compared with USD 38.4 million a year before.
At the end of July Argan had USD 186.8 million in cash and no debt.
(USD 1 = EUR 0.774)
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