Etrion books Q3 net profit of USD 3.2m

Aomori solar park in Japan. Source: Etrion (www.etrion.com).

Solar independent power producer Etrion Corp (TSE:ETX) on Friday reported a third-quarter net profit of USD 3.2 million (EUR 2.9m) after losing USD 1.5 million a year before.

The positive result was booked thanks to increased power production that helped the Switzerland-based company lift its revenue by 3% in annual terms. Etrion’s consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) benefitted from strong project-level results from its Japanese assets and came at USD 6.2 million, growing from USD 4.1 million in the third quarter of 2018. Etrion, which mainly focuses on the Japanese market, saw its solar segment EBITDA gain 4% to USD 5.3 million.

More details on Etrion’s financial performance are available in the table below:

Figures in USD, unless otherwise noted	Q3 2019	Q3 2018	9mo 2019	9mo 2018
Net profit (loss)	3.2m	(1.5m)	1.6m	(6.1m)
Consolidated EBITDA	6.2m	4.1m	14.1m	7m
Revenues	6.4m	6.2m	18.3m	15.5m
Adjusted operating cash flow	6.3m	3.3m	14.3m	6.6m
Total generation (MWh)	18,359	18,355	53,235	44,596

The company is currently building a 45-MW solar park in Niigata, central Japan, and expects to bring it online in the closing quarter of 2021, almost doubling its 57 MW of installed capacity in the Asian country. It is meanwhile advancing the development of a 60-MW backlog in Japan but noted the particular project is at risk due to ongoing litigation.

“Work continues on the development side to bring additional projects to our platform in Japan and we remain optimistic of the growth potential this market continues to offer in the near future to us,” said CEO Marco A Northland.

At the end of September, Etrion registered a cash balance of USD 143.9 million, of which USD 18.2 million was unrestricted and held at corporate level, and working capital of USD 137.9 million.

(USD 1.0 = EUR 0.905)

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