Israel's Ormat Industries moves to a loss in Q1

TEL AVIV Sun May 12, 2013 10:31am EDT

TEL AVIV May 12 (Reuters) - Israeli geothermal energy producer Ormat Industries moved to a loss in the first quarter, weighed down by a 13.6 percent drop in revenue from electricity and a one-time contract termination fee of $9 million.

Ormat said on Sunday it posted a quarterly net loss of $1.3 million, compared with a profit of $5.8 million a year earlier. Revenue fell to $121.7 million from $132.4 million.

Ormat is the parent of U.S.-based Ormat Technologies , which last week reported a first quarter loss of $1.9 million on revenue of $121.7 million.

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