Sep 15, 2011 - US gas and renewable energy plants builder Argan Inc (AMEX:AGX) posted a net profit of USD 2.1 million (EUR 1.5m) for its second quarter to July 31, down from USD 3.3 million a year before, as sales halved.
Diluted earnings per share stood at USD 0.15, compared with USD 0.24.
Earnings before interest, tax, depreciation and amortisation (EBITDA) from continuing operations dropped to USD 2.5 million from USD 6.5 million.
Revenue declined to USD 26.3 million from USD 52.3 million a year earlier, as the company completed the construction of a large gas-fired power facility in California.
Argan's alternative fuel subsidiary Gemma Power Systems brought 93% of all revenues from continuing operations or USD 24.4 million. A year back, the unit booked revenues of USD 50.4 million. Gemma is soon to start construction of an 800-MW power plant in California.
At July 31, the company had consolidated cash of USD 106.9 million and no debt.