Geothermal energy company Polaris Infrastructure Inc (TSE:PIF), formerly Ram Power Corp, cut its net loss for the second quarter (Q2) of 2016 to USD 2.3 million (EUR 2.1m) from USD 9.6 million a year ago.
The Toronto-based company operates a 72-MW geothermal project in Nicaragua. On Tuesday it reported adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of USD 9.8 million for Q2 2016, down from USD 10.1 million in the same period of 2015. The decline came as a result of a drop in generation revenue from the San Jacinto-Tizate geothermal power plant, which was largely offset by reduced general and administrative costs.
Q2 revenue contracted to USD 12.15 million from USD 12.8 million due to temporary well shut-ins associated with the workover of four injection wells.
The San Jacinto-Tizate project produced 101,515 MWh net, as compared to 110,485 MWh a year earlier.
For the first half of 2016, Polaris Infrastructure reported revenues of USD 24.7 million and adjusted EBITDA of USD 20.2 million. The bottom line result was a loss of USD 4.4 million.
At June 30 the firm had USD 47.6 million in cash, including USD 19.7 million held for current use in the Nicaraguan geothermal project. “We look forward to seeing the tangible results of the drilling program in the upcoming quarters,” CEO Marc Murnaghan said.
(USD 1 = EUR 0.909)
Choose your newsletter by Renewables Now. Join for free!