Ram Power’s net loss expands in Q3 2013

Nov 14, 2013 - US geothermal energy company Ram Power Corp (TSE:RPG) saw its net loss widen to USD 11.9 million (EUR 8.8m) in the third quarter of 2013 from USD 3.2 million a year earlier.

Loss per share stood at USD 0.04, expanding from USD 0.01 in July-September 2012, the firm said on Wednesday. The company explained that the bottom line result included USD 6.1 million in non-cash depreciation and amortisation expense, mark-to-market valuation losses of USD 5.6 million and unrealised foreign exchange losses of USD 1.2 million.

At the same time, the company boosted its earnings before interest, tax, depreciation and amortisation (EBITDA) to USD 6.9 million from USD 2.2 million a year back, thanks to the growing revenue from its 72-MW San Jacinto geothermal power plant in Nicaragua.

Revenue increased to USD 11.2 million from USD 6.9 million, again due to the contribution of the Nicaraguan geothermal facility. Power generation rose 34% to 103,840 MWh.

For January-September Ram Power booked a net loss of USD 39.7 million, expanding from USD 5.7 million a year back. Still, revenues jumped 79% in annual terms to USD 36.3 million. The firm’s available cash supplies at the end of September amounted to USD 34.9 million.

(USD 1.0 = EUR 0.743)

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