Etrion's Q1 net loss expands but revenues rise

Solar power producer Etrion Corp (TSE:ETX) last week reported a wider net loss in the first quarter of 2020, even as revenues marked a slight improvement to USD 4.3 million (EUR 4m).

The Switzerland-based company said in a press release its performance in the three months benefited from strong project-level results achieved by its assets in Japan and operations and maintenance contracts there. As a result, solar segment earnings before interest, taxes, depreciation, and amortisation (EBITDA) climbed by 22.7% in annual terms to USD 3.2 million.

“Etrion has a resilient solar platform in Japan, operating without interruption during the global pandemic. Our solar plants continue to deliver predictable revenues and EBITDA with strong positive results,” commented CEO Marco A Northland.

Etrion closed the first quarter with a net loss of USD 2.6 million, which expanded from USD 2.2 million a year before. Revenues climbed by 1.9% to USD 4.3 million.

At the end of March, Etrion had 11 solar parks in Japan with a combined capacity of 57 MW, which produced 12.5 GWh of electricity in the reporting period. It is currently building the 45-MW solar park in Niigata, central Japan, which is planned to be grid-connected in the fourth quarter of 2021. Its construction is proceeding on schedule and on budget.

Etrion noted that the COVID-19 pandemic has not affected its projects under development and operational assets. It noted, however, that the potential impact on its business will depend on the specific environment in Japan. The company had USD 108.8 million in cash balance at the end of March, with its working capital totalling USD 91.4 million.

(USD 1.0 = EUR 0.925)

Choose your newsletter by Renewables Now. Join for free!