Nevada Geothermal Power books larger net loss in fiscal 2009/10

(ADPnews) - Sep 30, 2010 - Canada-based Nevada Geothermal Power Inc (OTC:NGLPF) saw its net loss for the year to June 30 deepen to USD 18 million (EUR 13.2m) from USD 5.1 million a year before.

This translated into a loss per share of USD 0.19, compared to a loss per share of USD 0.05, the company reported in a statement on Tuesday.

Still, Nevada Geothermal swung to earnings before interest, tax, depreciation and amortisation (EBITDA) of USD 2.3 million from a negative EBITDA of USD 5.3 million in the previous fiscal year.

Revenue reached USD 11.8 million compared to zero a year earlier, as the company's Faulkner 1 power facility at Blue Mountain kicked off operations in November 2009.

"Revenue from power sales increased steadily from start up through each of the last three quarters" Brian Fairbank, Nevada Geothermal president and chief executive, said. In the fourth quarter, revenue stood at USD 5.7 million, while in the third quarter it was USD 3.7 million. Power produced at the facility reached 37 MW in the April-June period and the company said it projected output figures to further grow.

(USD 1 = EUR 0.736)

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