August 8 (Renewables Now) - Solar power producer Etrion Corp (TSE:ETX) has registered a net profit of USD 547,000 (EUR 488,000) for the second quarter of 2019 after a loss of USD 746,000 a year earlier.
The company, which mainly focuses on the Japanese market, managed to lift its consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) to USD 6.1 million from USD 2.3 million, while revenues increased to USD 7.7 million from USD 6.4 million. The improvement came after Etrion expanded its installed capacity, which in turn resulted in increased electricity generation. It also made some corporate overhead reductions.
Further details on Etrion’s financial performance are available in the table below:
|Figures in USD, unless otherwise noted||Q2 2019||Q2 2018||H1 2019||H1 2018|
|Net profit (loss)||547,000||(746,000)||(1.7m)||(4.6m)|
|Revenues (from Japanese assets)||7.7m||6.4m||11.9m||9.3m|
|Adjusted operating cash flow||7.8m||3.8m||9.8m||4.6m|
|Total generation (MWh)||22,575||18,155||34,876||26,241|
During the three months, Etrion secured the needed funds and started building a 45-MW solar power project in Japan, which is set to double its installed capacity in the Asian country. “Work continues on the development side to bring additional projects to our platform in Japan and we remain optimistic of the growth potential this market continues to offer in the near future to us,” said CEO Marco A Northland.
According to the press release, Etrion currently owns 57 MW of solar assets in Japan. Apart from the under-construction Niigata project, it also has several projects in the backlog and pipeline at different stages of development, also in Japan.
(USD 1.0 = EUR 0.892)