Ormat boosts profits as revenues remain constant

Reno, USA - Ormat Technologies, Inc. announced financial results for the third quarter of 2013.

For the three months ended September 30, 2013, total revenues reached $130.7 million from $132.3 million in the third quarter of 2012 a decrease of 1.2%. Electricity revenues increased 14.7% to $89.0 million from $77.6 million in the three months ended September 30, 2012. Product revenues decreased 23.6% to $41.8 million from $54.7 million in the three months ended September 30, 2012.

Operating income for the three months ended September 30, 2013 was $29.8 million, compared to $12.1 million for the three months ended September 30, 2012. Third quarter 2012 results included a $7.3 million impairment loss related to the OREG 4 recovered energy generation power plant. For the three months ended September 30, 2013, the Company reported net income attributable to the Company

Source: IWR Online, 06 Nov 2013