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Sep 19, 2024 16:25 CESTGeothermal co Polaris Infra posts profit in Q4 2016
Geothermal power station. Featured Image: N.Minton/Shutterstock.com
Geothermal energy company Polaris Infrastructure Inc (TSE:PIF) returned to the black in the fourth quarter of 2016 after revenues grew and costs declined.
The Toronto-based company, formerly Ram Power Corp, operates the San Jacinto-Tizate geothermal project in Nicaragua. Revenues in 2016 went up thanks to an increase in the plant’s average power generation following connection of two new production wells in August. These boosted capacity from 48 MW-50 MW net, to 60 MW net.
The San Jacinto-Tizate power plant generated 459,990 MWh net in 2016, up from 433,988 MWh net in 2015. Also, there was a 3% increase in the annual tariff, adding to Polaris’ revenue. Details on the firm’s performance are available in the table.
| (all in USD million) | Q4 2016 | Q4 2015 | 2016 | 2015 |
| Revenue | 15.7 | 12.1 | 54.7 | 50.1 |
| Adjusted EBITDA | 13.3 | 9.4 | 45.5 | 39.1 |
| Net profit (loss) to owners | 1.76 | (1.45) | (4.26) | (37.5) |
In 2016 net operating cash inflows reached USD 25.4 million and the company ended the year with cash of USD 45.7 million.
(USD 1 = EUR 0.95)
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