Etrion returns to USD 400,000 net profit in Q3, 2012

Nov 8, 2012 - Swiss-based, Italy-focused solar power producer Etrion Corp (TSE:ETX, STO:ETX) said Wednesday it had returned to the black in the third quarter, posting a net profit of USD 400,000 (EUR 313,000) against a net loss of USD 2.8 million a year ago.

Earnings per share for the period were USD 0.002 against a loss per share of USD 0.015 in the third quarter of 2011.
The company said that its net income for the three months to September 30, 2012, suffered from non-cash items of USD 5.2 million. Excluding these charges, the company would have recorded net profit of USD 5.6 million in the quarter.

The company’s third-quarter revenue remained steady at USD 18.3 million, compared with USD 18.2 million a year ago.

Earnings before interest, tax, depreciation and amortisation (EBITDA) declined slightly to USD 14.4 million from USD 14.9 million last year.

For the first nine months of the year, Etrion recorded a net loss of USD 1.2 million on revenue of USD 48.3 million, compared with a net loss of USD 6.5 million on revenue of USD 43.3 million in the same period of 2011.

(USD 1 = EUR 0.784)

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