Nevada Geothermal's Jul-Sep net loss shrinks to less than USD 1m

Nov 29, 2012 - Canada-based Nevada Geothermal Power Inc (CVE:NGP) on Wednesday posted a net loss of USD 924,200 (EUR 711,700) for its first fiscal quarter through September, compared with a deficit of USD 3.7 million a year earlier.

Loss per share fell to USD 0.01 from USD 0.03 previously.

The company booked a net profit from continuing operations of USD 42,300, against a loss of USD 1.5 million in the same period last year. The improvement reflected cost reductions and a gain of USD 1 million recorded in relation to the earlier sale of 50% of the 30-MW Crump Geyser project in Oregon.

Net loss from discontinued operations at the 49.5-MW Blue Mountain project in Nevada, which is in the process of being transferred to local lender EIG Global Energy Partners, amounted to USD 1.4 million in the quarter, down from USD 2.3 million previously.

The company booked an operating profit of USD 41,800, versus a loss of USD 1.5 million a year ago. Nevada Geothermal did not report any revenue for the period as it is currently focused on advancing its other projects which are under development.

(USD 1.0 = EUR 0.770)

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