Geothermal co Ormat lifts Q2 profit to USD 14.4m

US geothermal energy company Ormat Technologies Inc (NYSE:ORA) reported Monday a net profit of USD 14.4 million (EUR 13.2m) for the second quarter of 2015, up by 58% year-on-year.

Operating profit grew by 27% to USD 38.6 million thanks to higher revenue and an increased gross margin. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) improved to USD 67.8 million.

The company booked total revenues of USD 140.5 million. Electricity revenue declined to USD 90.9 million from USD 91.7 million, as a result of lower generation at the Puna power plant because of maintenance activities, and also due the decrease in oil and natural gas prices. Product segment revenue, meanwhile, rose by 38% to USD 49.6 million.

Ormat is working to expand its geographic reach and broaden its technology offering. In the second quarter it inked a USD-100-million engineering, procurement and construction (EPC) contract in Chile and secured loans for a power plant in Guatemala and other capacity investments.

The geothermal company reiterated its guidance for 2015 electricity revenue of USD 380 million-390 million and product revenue of USD 180 million-190 million. Adjusted EBITDA is expected to stand at USD 280 million-290 million.

(USD 1 = EUR 0.917)

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