Polaris Renewable Energy Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2024
October 31, 2024 at 07:55 am
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Polaris Renewable Energy Inc. reported earnings results for the third quarter and nine months ended September 30, 2024. For the third quarter, the company reported sales was USD 17.66 million compared to USD 18.84 million a year ago. Net income was USD 0.451 million compared to USD 1.02 million a year ago. Basic earnings per share from continuing operations was USD 0.02 compared to USD 0.05 a year ago. Diluted earnings per share from continuing operations was USD 0.02 compared to USD 0.05 a year ago.
For the nine months, sales was USD 56.99 million compared to USD 59.77 million a year ago. Net income was USD 5.78 million compared to USD 10.34 million a year ago. Basic earnings per share from continuing operations was USD 0.27 compared to USD 0.49 a year ago. Diluted earnings per share from continuing operations was USD 0.27 compared to USD 0.49 a year ago.
Polaris Renewable Energy Inc. is engaged in the acquisition, development and operation of renewable energy projects in Latin America. It operates 82 megawatts (MW) geothermal facility in Nicaragua, three run-of-river hydroelectric facilities in Peru, with a combined capacity of approximately 33 MW, a 25 MW solar plant facility in Dominican Republic, a six MW run-of-river hydroelectric facility in Ecuador and a 10 MW solar plant in Panama. Through its subsidiary, Emerald Solar Energy SRL, it operates the Canoa I Solar Park located in the Barahona Province, Dominican Republic. Its San Jacinto-Tizate Geothermal plant is located in northwestern Nicaragua, in the sire of San Jacinto, municipality of Telica, 20 kilometers from the city of Leon. Its Vista Hermosa Solar Parks are located in the village of Vista Hermosa, Corregimiento de Pueblos Unidos, Aguadulce district, Cocle Province. Through its subsidiary Generacion Andina SAC, it owns 8 de Agosto, a Run of River hydroelectric operation.