(ADPnews) - Nov 4, 2010 - US geothermal power firm Ormat Technologies (NYSE:ORA) posted on Tuesday a third-quarter net profit of USD 32 million (EUR 22.9m), increasing from USD 21.9 million a year ago thanks to a one-off gain.
The after-tax capital gain of USD 22.6 million is connected to the purchase of a majority stake in Californian geothermal plants complex Mammoth from power producer Constellation Energy (NYSE:CEG), Ormat said.
The company will distribute a quarterly dividend of USD 0.05 per share.
Revenue declined to USD 101.5 million from USD 119 million as the products division revenue slipped to USD 18.1 million from USD 51.1 million, although revenue in the electricity business grew 23% on the year to USD 83.4 million.
Electricity output in the quarter rose almost 20% to 937,402 MWh.
Ormat guides for a full-year revenue in the electricity segment of USD 290 million-295 million, excluding the company's share in the Mammoth complex revenues of USD 6 million for the first seven months of the year. Product segment revenue is expected at USD 80 million.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.