After a tough couple of years for Etrion, the company posted some hopeful Q2 financial results, displaying significant sequential and yearly improvements in the companys income and its EBITDA. Much of the improvements were a result of the companys blossoming business in Japan, while major development progress was made on further projects within the Asian country.
The most outstanding figure of Etrions financial results was the $1.4 million net profit that the company registered during the second quarter of 2016. This is up sequentially from a net loss of $8.5 million in Q1 and up year over year from a net loss of $10.1 million in the same period last year. The company stated that this was a result of the positive performance from its solar plant in Japan, and also because of one-time foreign exchange gains.
The companys revenues stayed fairly consistent compared to 2015, registering Q2 revenues of $16.6 million and H1 revenues of $26.5 million, compared with $17.1 million and $27.4 million in 2015 respectively. However, the increase in performance and decrease in operating costs had positive outcomes for Etrions EBITDA, which was at $12.8 million for Q2, up from $9.2 million during the same period in 2015, and $17.3 million for the first half of 2016, up from $14.7 million in the first half of 2015.
Seeing that the companys operations in Japan are baring the most fruit for the company, it comes as little surprise that the major project developments during the quarter also took place in Japan. Notably, the company progressed on the construction of the 24.7 MW Shizukuishi project in northern Japan, and started pre-construction activities for the 9.5 MW Aomori project, after securing a $29 million financing facility with 9.5 MW Aomori project.
Japan continues to be a terrific market for Etrion, commented Etrion CEO Marco Northland. We are on track to reach over 100 MW of projects operating and/or under construction within the next 12 months with an additional nearly 200 MW in different stages of development. Our partnership with Hitachi continues to strengthen; we are very well positioned in this market and believe that Japan will continue to provide the highest value creation for our shareholders. At this point, we will continue to focus our resources on Japan.