Geothermal energy company Ormat Industries Ltd. (TASE: ORMT) reported its second quarter results today. Its subsidiary Ormat Technologies Inc. (NYSE: ORA) reported last week.
Revenue for the quarter was $98.6 million, 3.8% lower than the $102.5 million recorded in the corresponding quarter of 2009.
The firm posted a total net loss of $3.5 million, compared with net profit of $28.1 million in the corresponding quarter. Net loss attributable to shareholders was $2.7 million, compared with a net loss of $21.8 million in the corresponding quarter.
The second quarter marked a renewed apparent battle for control of the company, between the Bronicki family and Gazit Inc. (TASE: GZIT) controlling shareholder Chaim Katzman. Two weeks ago, Gazit withdrew a demand for a special general shareholders meeting to appoint Yuval Yanai and Gad Arbel as external directors at Ormat. The move seemed a step down in the intensity of the battle.
Revenue from sales of electricity reached $71.2 million, up 13.2% from $62.9 million in the corresponding quarter. The rise came from higher quantity of electricity generated at most of the company's plants, from a total of 839,000 megawatts in the corresponding quarter to 909,000 this quarter. A major source of the increase was the firm's plant in North Brawley, California, which began limited commercial operation in January.
Revenue from product sales fell 30.8% to $27.5 million from $39.7 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 8, 2010
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