May 8 (Renewables Now) - Solar independent power producer Etrion Corp (TSE:ETX) today posted a first-quarter net loss of USD 2.2 million (EUR 2m), narrowing its deficit of USD 3.9 million from a year before.
The company, which mainly focuses on the Japanese market, saw its consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) more than double, while revenues gained 45% on the year thanks to new capacity additions and increased electricity generation. An ongoing plan to cut general expenses also contributed to the improved results.
Details on Etrion’s first-quarter financial performance are available in the table below:
|Figures in USD, unless otherwise noted||Q1 2019||Q1 2018|
|Net profit (loss)||(2.2m)||(3.9m)|
|Revenues (from Japanese assets)||4.2m||2.9m|
|Adjusted operating cash flow||2m||829,000|
|Total generation in MWh||12,301||8,086|
At the end of March, Etrion’s portfolio included 57 MW of solar assets in Japan and several other projects in the backlog and pipeline at different stages of development, also in Japan. During the first quarter, the company secured all needed permits for its 45-MW Niigata photovoltaic (PV) project and is nearing financial close. It previously said this will happen by the end of June and construction will commence shortly after.
“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,” CEO Marco A Northland said.
(USD 1.0 = EUR 0.8924)