Ormat Industries swings to profit on higher revenue

Net profit was $16 million for the second quarter compared with a net loss of $1.6 million for the corresponding quarter.

Geothermal power producer Ormat Industries Ltd. (TASE: ORMT) swung to a profit on higher revenue for the second quarter of 2013. Revenue rose 19% to $154.7 million for the second quarter from $129.8 million for the corresponding quarter of 2012. Electricity sales rose 45% to $65 million for the second quarter from $44.8 million for the corresponding quarter, and products sales rose to $89.8 million from $85 million.

Net profit was $16 million ($0.14 per share) for the second quarter compared with a net loss of $1.6 million for the corresponding quarter.

Ormat slightly changed its full-year revenue guidance to $510-530 million.

Published by Globes [online], Israel business news - www.globes-online.com - on August 13, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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