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Polaris Renewable Energy Announces Q2 2024 Results
TORONTO, ON / ACCESSWIRE / August 1, 2024 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris Re...
About this update from Polaris Renewable Energy Inc.
[{"type":"text","content":"Polaris Renewable Energy Announces Q2 2024 ResultsTORONTO, ON / ACCESSWIRE / August 1, 2024 / Polaris Renewable Energy Inc. (TSX:PIF) (\"Polaris Renewable Energy\" or the \"Company\"), is pleased to report its financial and operating results for the three and six months ended June 30, 2024. This earnings release should be read in conjunction with the Company's condensed consolidated interim financial statements and management's discussion and analysis, which are available on the Company's website at www.PolarisREI.com and have been posted on SEDAR+ at www.sedarplus.ca. The dollar figures below are denominated in US Dollars unless noted otherwise.HIGHLIGHTSConsolidated energy production of 186,887 MWh in the second quarter was 11% lower than the same period last year. The reduction is primarily as a result of the scheduled major maintenance of the Company's geothermal facility in Nicaragua in April. In addition, hydrology in Peru was lower compared with last year.The Company generated $18.7 million in revenue from energy sales for the quarter ended June 30, 2024, compared to $20.8 million in the same period in 2023. Lower revenue resulted from lower production in the Company's geothermal facility in Nicaragua due to the major maintenance of April 2024.Net earnings attributable to shareholders of the Company in the second quarter of 2024 were $985 or $0.05 per share - basic, compared to net earnings attributable to shareholders of the Company of $4,622 or $0.22 per share - basic in the comparative quarter of 2023.Adjusted EBITDA was $13.3 million for the three-month period ended June 30, 2024, compared to Adjusted EBITDA of $15.4 million in the same period in 2023 as a result of revenue decrease, as explained above.Consolidated Direct Costs and General and Administrative expenses remained flat during the first half of 2024 when compared to the same period in 2023, despite the inclusion of a full quarter of operating costs for Vista Hermosa Solar Park in Panama (which was under construction in April 2023).For the six-month period ended June 30, 2024, the Company generated $17.0 million in net cash flow from operating activities, ending with a cash position of $45.2 million, including restricted cash.Maintaining a quarterly dividend remains a goal for the Company. In respect of the second quarter of 2024, the Company declared and ex...