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Etrion posts Q3 profit on gain from Chilean unit deconsolidation

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

November 14 (Renewables Now) - Independent solar power producer Etrion Corp (STO:ETX) today reported a net profit from continuing operations of USD 35.2 million (EUR 30m) for the third quarter of 2017, versus a loss of USD 92.6 million a year earlier.

The profit includes a USD-41-million gain on the deconsolidation of the company's 70%-owned Chilean subsidiary, PV Salvador SpA, that owns the licenses and rights to operate a 70-MW solar power project in northern Chile. Last year Etrion booked impairment charges against the project due to a negative outlook for long-term power prices in the Chilean market. It now said it lost control of Salvador for IFRS purposes on September 30, 2017 as the adverse market conditions mean that only the project lender bank would be affected by the returns on the project.

More details of the firm's performance: 

in USD Q3 2017 Q3 2016 9-mo 2017 9-mo 2016
Electricity production (MWh) 49,174 41,705 141,563 119,957
Revenues 7m 3.4m 19.2m 10.3m
EBITDA 2.5m (84,000) 4.5m 298,000
Net profit (loss) from continuing operations 35.2m (92.6m) 20.7m (102.3m)

The increase in revenues reflects higher installed capacity and electricity generation. Etrion says it owns 114 MW of installed solar capacity in Chile and Japan. It has another 190 MW of projects, on a gross basis, in Japan targeted to reach financial close in the next two years.  

(USD 1 = EUR 0.853)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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