Etrion's loss widens in Q1 2017

The net loss of independent solar power producer Etrion Corp (TSE:ETX) for the first quarter of 2017 has widened to USD 7.6 million (EUR 7m) from USD 6.8 million a year earlier.

The company said that while its solar operations generated positive earnings before interest, tax, depreciation and amortisation (EBITDA) of USD 2.3 million, up from USD 1.4 million, depreciation expenses, finance costs in Chile and corporate overhead impacted its bottom line.

Etrion registered revenues of USD 5.2 million, up by 38% year-on-year, from its 109-MW solar portfolio that includes eight plants in Japan and one in Chile. The firm closed the period with a cash balance of USD 73.2 million and positive working capital of USD 52.6 million.

The company said it expects to reach financial close on its 45-MW Kumamoto project in Japan in the final quarter of the year. It is also advancing the development of additional projects in Japan totalling 200 MW.

(USD 1.0 = EUR 0.919)

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