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Etrion's Japanese solar assets show increased results in Q2

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Etrion's Japanese solar assets show increased results in Q2


August 9 (Solar) – Japan-focused solar power producer Etrion Corp (TSE:ETX) on Wednesday reported an year-over-year rise in second-quarter consolidated adjusted EBITDA on the back of higher installed capacity and electricity production in Japan and corporate overhead reduction.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose to USD 3.7 million (EUR 3.2m) from USD 2.2 million in the second quarter of 2017.

In Japan, revenues were up 21%, while production increased 22%. The 13.2-MW Komatsu solar project in western Japan became fully operational in May 2018 and the company says it has 390 MW of projects in different stages of development in the country, with 105 MW of them targeting to reach financial close within the next 12 months. "We continue to have a solid cash position with sufficient liquidity to fund our backlog projects," said chief executive Marco A Northland. The company currently owns 57 MW of solar capacity in Japan.

Etrion, which deconsolidated its Chilean operating subsidiary in September 2017, narrowed its net loss in the quarter to USD 746,000 from USD 6.9 million in the year-ago period.  

More details of its performance:

USD millions, unless otherwise stated  Q2 2018 Q2 2017 H1 2018 H1 2017 
Electricity production (MWh)  18,155 42,466 26,241 92,389
– Japan 18,155 14,883 26,241 22,329
– Chile  27,584 70,060
Revenues  6.4 7 9.3 12.2
– Japan 6.4  5.3 9.3 4.4
– Chile  1.8 7.9
EBITDA 2.3 1.9 2.9 2
Adjusted EBITDA  3.7 2.2 4.4 2.8
Net loss (0.7) (6.9)  (4.6) (14.4)

(USD 1 = EUR 0.863)


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