Ormat Technologies (ORA) Reports Second Quarter 2008 Results

Posted by Munish | # |
06:26:45 am on August 6, 2008

Q2 net income increased 42.3% to $12.2 million; Products Backlog Increased $144 million to $186 million

Chief Executive Officer of Ormat, stated: ‘We remain on track with projects scheduled to come online over the next two years with expected contribution of 101 MW by year’s end and 73 MW in 2009.

‘Generating capacity for both the quarter and six-months increased even as scheduled maintenance reduced production at several projects. We also built a solid product backlog that added $176 million of new orders since the beginning of the year, out of which $66 million are still subject to a Notice to Proceed. These orders were geographically diverse with projects from New Zealand, Turkey and the United States.

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