Etrion slips to USD-4.4m net loss in Q3 2015

Solar power producer Etrion Corp (STO:ETX) on Thursday reported a net loss of USD 4.4 million (EUR 4.1m) for the third quarter of 2015, versus a USD-1.2-million net profit a year back.

The Geneva, Switzerland-based company, which owns 139 MW of installed solar capacity in Italy, Chile and Japan, said the loss was mainly due to lower electricity prices, exchange rates and an impairment of USD 413,000 in capitalised development costs.

Earnings before interest, tax, depreciation and amortisation (EBITDA) declined to USD 10 million from USD 13.2 million, while revenues fell to USD 15.9 million from USD 17.1 million. Generation in Italy was flat at 34.6 million kWh, while in Chile and Japan production amounted to 36.5 million kWh and 2.6 million kWh, respectively, compared to no generation in both countries a year ago.

"We reported slightly lower revenue and EBITDA than last year due to lower prices in Italy, the lower EUR/USD exchange rate and extraordinary impairment charges, but we look forward to adding fully-funded solar projects in Japan over the next 12 months," said chief executive Marco Northland.

In the first nine months of 2015, the company's net loss widened to USD 16.9 million from USD 8.4 million in the same period last year. Revenue was relatively flat at USD 43.4 million, compared to USD 43.3 million in the year-ago period.

(USD 1.0 = EUR 0.933)

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