March 13, 2014 / 8:35 AM / 4 years ago

Geothermal energy firm Ormat Industries swings to a profit in Q4

TEL AVIV, March 13 (Reuters) - Israeli geothermal energy producer Ormat Industries moved to a profit in the fourth quarter, boosted by higher revenue and after the year-earlier period was hit by an impairment charge.

Ormat on Thursday reported a quarterly net profit of $7.7 million, compared with a loss of $187.8 million a year earlier.

In the fourth quarter of 2012 Ormat reported a loss due a large impairment charge recorded by its U.S. subsidiary Ormat Technologies relating to a power plant in California.

Revenue rose to $130.9 million from $116.1 million due to higher sales of electricity as a new power plant in Kenya came on line, as well as higher sales of products to new customers.

The company declared a dividend of $6 million or 0.18 shekel a share after paying a similar dividend in December.

Ormat Technologies last month reported fourth-quarter net profit of $8.2 million on revenue of $130.9 million.

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