Ormat Industries said that fourth-quarter net loss is primarily due to a decrease in value of its investment in oil sands company OPTI Canada.
Ormat Industries has reported a loss of $48.6 million from the decrease in the value of its holdings in OPTI Canada and a loss of $6 million from the decrease in the value of its investment in auction rate securities.
Ormat Industries also said in January 2009 it would generate a loss of $48 million from its investment in OPTI Canada.
In the 2007 quarter Ormat Industries had a capital gain of $46.3 million from a share offering by its subsidiary Ormat Technologies Inc.
Not including the capital gain and decrease in value of its investments, Ormat Industries said fourth-quarter 2008 net profit increased to $21.8 million from $13.8 million in the previous year-end. Revenue increased to $97.8 million from $73 million in the previous year-end.
