Etrion trims loss in Q3 2010

(ADPnews) - Nov 15, 2010 - Canadian energy firm Etrion Corp (TSE:ETX, OMX:ETX) said today that its net loss has narrowed to USD 6.4 million (EUR 4.7m) in the third quarter of 2010 from USD 50.9 million a year earlier.

"Etrion made significant progress in the third quarter by beginning construction on our internal development pipeline and completing the purchase of the largest solar power park in Italy," said Marco Northland, chief executive of the company.

The company significantly trimmed its operating loss to USD 843,000 from USD 51.2 million a year before.

Revenue stood at USD 6.8 million, compared to zero in the third quarter of 2009. It booked revenues of USD 7 million from the recently acquired 24-MW Montalto solar farm.

In the nine months to September 30, Etrion reported a net loss of USD 14.1 million, compared to USD 54.1 million a year ago. Revenue was USD 6.96 million.

The results are not comparable to those in the last year due to the company's change of operations focus.

Etrion builds, owns and operates solar power plants in Italy. It operates 40 MW of ground-based solar PV power plants, has 8 MW of solar farms under construction and more than 200 MW of solar development pipeline in Italy. In 2011, the company intends to expand operations to other locations in Europe.

(USD 1 = EUR 0.732)

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