Magma Energy posts third quarter profit

In Canada, Magma Energy Corp. reported net income of $142,000 for the third quarter ended March 31, 2010, including the its share of HS Orka’s net income of $3.60 million. The Soda Lake operation earned revenues of $1.29 million, gross profit of $417,000 and net income of $72,000 after deducting non-cash and other related expenses. For the quarter, HS Orka generated revenues of $14.17 million, gross profit of $4.46 million, net income from operations of $4.24 million, other income, net of other expenses, of $7.59 million, and income of $9.61 million, net of taxes of $2.21 million. HS Orka’s revenues for the quarter are a 14% increase over fiscal 2009. Magma now 94 MW of power generation and geothermal resources of 827 MW. The company intends to increase geothermal production and in-ground resources during the balance of 2010.