Israel's Ormat Industries swings to second-quarter profit
JERUSALEM Aug 13 (Reuters) - Israeli geothermal energy producer Ormat Industries swung to a profit in the second quarter, having been hit by a writedown in the value of a U.S. power plant in the corresponding period last year.
Ormat said on Tuesday that it made a net profit of $16 million in the quarter, compared with a $1.6 million loss in the April-June period in 2012.
Revenue grew to $154.7 million from $129.8 million, boosted by sales of electricity and generation products such as turbines.
The company posted an $18 million loss in the second quarter of 2012 after a fall in the value of its North Brawley geothermal plant in California.
Ormat is the parent of United States-based Ormat Technologies, which last week reported second-quarter earnings per share of 55 cents, up from 19 cents a share, on a 20.5 percent rise in revenue to $152.7 million.
- Air strike kills 15 civilians in Yemen by mistake: officials
- North Korea executes leader's powerful uncle in rare public purge |
- Insight: In Yemen, al Qaeda gains sympathy amid U.S. drone strikes
- Twitter backtracks on block feature after users revolt |
- Iran angry over U.S. sanctions, nuclear talks interrupted