Ormat Industries Q1 profit up on one-time gain

JERUSALEM, May 12 (BestGrowthStock) – Israeli geothermal energy
producer Ormat Industries (ORMT.TA: )(ORA.N: ) reported a rise in
first-quarter net profit on Wednesday, boosted by a one-time
gain that offset a 16.7 percent drop in revenue.

Quarterly net profit rose to $6.0 million compared with $4.3
million a year earlier. Ormat said its results were helped by a
gain of $2.8 million from the sale of its stake in Geothermal
Development Ltd in New Zealand.

Revenue fell to $85.2 from $102.3 million a year earlier
after a drop in sales of equipment for electricity generation.

The company builds geothermal recovered energy-based power
plants, usually using equipment that it designs and
manufactures.

Last week, its subsidiary Ormat Technologies Inc (ORA.N: )
posted a lower first-quarter net profit of $1.8 million,
compared with $14.5 million a year earlier. The results were
impacted by a sharp drop in revenue from equipment sales and
higher expenses at its electricity business.

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(Reporting by Joseph Nasr, Editing by David Holmes)

Ormat Industries Q1 profit up on one-time gain