Solar power producer Etrion Corp (STO:ETX) today reported a net profit of USD 1.4 million (EUR 1.3m) for the second quarter of 2016, against a net loss of USD 10.1 million a year ago.
It explained the turnabout with positive performance of its solar power plant in Japan and one-time foreign exchange gains. Chief executive Marco A Northland said Japan continued to be a "terrific" market for the company and would continue to focus its resources there.
Etrion produced 3.4 million kWh of electricity from its 87%-owned 9.3-MW Mito project in Japan, compared to 0.6 million kWh a year ago. The company's total 139-MW portfolio, which also includes assets in Italy and Chile, generated 64.9 million kWh, compared to 72.5 million kWh in the year-ago period.
Northland said that Etrion was on track to reach over 100 MW of projects operating or under construction within the next 12 months in Japan, where it is partnering with Hitachi, with another almost 200 MW in different stages of development. Financial close is expected on 66 MW of projects in the next six to nine months.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to USD 12.8 million from USD 9.2 million, while revenue declined to USD 16.6 million from USD 17.1 million.
In the first half of 2016, Etrion cut its net loss to USD 7.1 million from USD 12.5 million a year ago. It said its performance in the period was affected by lower-than-expected electricity production and market prices in Chile and Italy, largely offset by the Japanese assets.
(USD 1.0 = EUR 0.909)
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