Etrion's FY loss narrows to USD 4.7m

Solar power producer Etrion Corp (TSE:ETX) last week reported a net loss of USD 4.69 million (EUR 4.19m) for 2019, narrowing the deficit from USD 8.62 million the previous year.

The company benefited from a 12% rise in revenues and a 13% increase in solar segment earnings before interest, taxes, depreciation, and amortisation (EBITDA) last year, which were boosted by an increase in the installed capacity and stronger power production.

In 2019, the company's solar portfolio, all of it located in Japan, had a total capacity of 57 MW and produced 63.6 GWh of power, 12% more than in 2018. At the end of the year, Etrion had a cash balance of USD 123.4 million, of which USD 10.6 million was unrestricted and held at the corporate level, while working capital amounted to USD 109.7 million.

More details on Etrion’s financial performance are available in the table below:

Construction of a 45-MW solar park in Niigata, central Japan, remains on track, the company noted.

For 2020, Etrion predicts revenues in the range of USD 20.6 million-22.8 million and project-level EBITDA between USD 15.0 million and USD 16.5 million. Power production is expected to be between 59.9 GWh and 66.2 GWh.

(USD 1.0 = EUR 0.896)

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