Magma reports second quarter loss

In Canada, Magma Energy Corp. reported that, for the second quarter ended December 31, 2009, it had a net loss of $5.25 million. The Soda Lake operation earned revenues of $1.41 million, gross profit of $589,000, and net income of $203,000 after deducting non-cash and other related expenses. The net loss for its share in HS Orka – for the period December 14 to 31, 2009 – was $1.93 million. Transactions during the period added 75 MW to producing reserves and 276 MW to the company’s resource base. Magma was also awarded $10 million in DOE grants for the Soda Lake and McCoy projects. Company Chairman and CEO Ross Beaty noted that since its IPO in early July, the company had raised its power production more than ten fold, and its in-ground resources by nearly a factor of four.