Ormat Technologies profit declines in Q3 2011

Nov 4, 2011 - US geothermal power firm Ormat Technologies (NYSE:ORA) reported a third-quarter net profit of USD 1 million (EUR 729,000), compared with USD 32.4 million a year back.

The fall is due to higher interest expense for the quarter and a gain during the year-ago period of USD 36.9 million from the acquisition of a controlling stake in the Mammoth complex, the company said.

Operating profit grew by USD 9.4 million to USD 24.2 million on the back of increased rates and lower operating costs in the electricity segment, coupled with a rise in customer orders in the product segment.

Revenue for the third quarter was up 9.2% year-on-year to USD 110.8 million. Electricity revenues improved by 4.1% to USD 86.8 million, with the average revenue rate of Ormat's electricity operations rising to USD 95 per MWh from USD 87 per MWh a year earlier.

At the end of September, the company had USD 80.3 million in cash, cash equivalents and marketable securities, it said.

(USD 1 = EUR 0.729)

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