VANCOUVER – Icelandic geothermal company HS Orka hf has reported a big turnaround in net earnings in the first half of 2011, majority owner Alterra Power Corp. (TSX:AXY) said Friday.
Alterra said HS Orka posted net income for the first six months of of US$ 6.5 million, compared with a loss of US$ 18.7 million in the same, half-year period in 2010 when it had much higher expenses.
Revenue for the six months ended June 30 was US$ 33 million, up from US$ 27.7 million, largely due to an increase in retail sales, a 1.7 per cent increase in electricity production, an improved currency conversion rate and higher aluminum prices. About 46 per cent of HS Orka’s power sales agreements are indexed to the price of aluminum.
Alterra Power Corp, a renewable energy company formed in 2011 through a merger of Magma Energy Corp and Plutonic Power Corp., holds 75 per cent of HS Orka.
On the Toronto Stock Exchange, stock in Vancouver-based Alterra closed up three cents, or 4.41 per cent, at 71 cents on Friday.
Local news from metronews.ca/vancouver
About The Reporter
