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Ormat Industries moves to profit, financing expenses drop
November 13, 2012 / 9:57 AM / 5 years ago

Ormat Industries moves to profit, financing expenses drop

JERUSALEM, Nov 13 (Reuters) - Israeli geothermal energy producer Ormat Industries moved to a profit in the third quarter, helped by a drop in financing expenses.

Ormat on Tuesday reported a quarterly net profit of $2.2 million, compared with a loss of $983,000 a year earlier. Financing expenses fell by $8.1 million.

Revenue grew 23 percent to $136.1 million.

The company recorded a $2.4 million writedown at a U.S. power plant which has not yet reached full output.

Ormat is the parent of U.S.-based Ormat Technologies , which last week reported a third-quarter loss per share of 1 cent on revenue of $136.1 million.

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