One-off costs reduce US Geothermal's net profit in H1 2016

Geothermal power plant. Author: gamene. License: Creative Commons, Attribution 2.0 Generic

US Geothermal Inc (NYSEMKT:HTM) on Tuesday reported a net profit of about USD 800,000 (EUR 727,000) for the first half of 2016, down from USD 1.22 million a year ago.

It said the result was affected by one-time costs for financial advisory and marketing services engaged to enhance its share valuation.

Operating revenue at USD 14.17 million was in line with the year-ago figure of USD 14.34 million. The company, which currently operates 45 MW of projects in Oregon, Nevada and Idaho, generated 68,880 MWh in the second quarter, down from 72,947 MWh in the same period of 2015. The decline was due to a forced outage at the San Emidio project and a production pump failure at the Raft River project.

US Geothermal also reaffirmed its 2016 guidance which sees adjusted net profit in the range of USD 4 million to USD 8 million.

Details of its six-month performance are available in the table below:

Results in USD million	H1 2016	H1 2015
Operating Revenue	14.17	14.34
EBITDA	5.74	6.59
Adjusted EBITDA	7.29	7.35
Net Income	0.80	1.22
Adjusted Net Income	1.49	1.52
Net Income Attributable to US Geothermal	(0.34 )	0.50
Adjusted Net Income Attributable to US Geothermal	0.35	0.80