Ram Power’s Jan-Sep net loss shrinks to USD 16m

(SeeNews) - Nov 17, 2014 - US geothermal energy company Ram Power Corp (TSE:RPG) said Friday it had narrowed its January-September net loss to USD 16 million (EUR 12.8m) from USD 45.9 million a year ago.

The company explained that its bottom line was helped by USD-21-million drop in impairment losses after the sale of the 26-MW Geysers project in California to US Geothermal Inc (NYSEMKT:HTM) in April and USD 5.8 million in other gains.

Ram Power generated revenues of USD 35.3 million in the nine months, down from USD 36.3 million in the year-ago period, due to its drilling remediation programme and turbine overhaul.

The geothermal firm closed the third quarter of 2014 with a net loss of USD 3.6 million, shrinking from USD 13.9 million a year back. Revenues increased to USD 12.9 million from USD 11.2 million.

At the end of September, Ram power had USD 16.8 million in cash, of which USD 14.3 million was held for current use in its 72-MW San Jacinto-Tizate geothermal power project in Nicaragua.

(USD 1.0 = EUR 0.797)

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