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Geothermal company Ormat Industries Ltd. (TASE: ORMT) posted a loss on higher revenue for the third quarter and reiterated its guidance. Revenue rose 8.5% to $110.8 million from $102.3 million for the corresponding quarter of 2010. However, the company swung to a net loss of $300,000 for the third quarter from a net profit of $25.1 million for the corresponding quarter.
Ormat's revenue growth was spurred by a 32.6% increase in its product segment revenue to $24 million from $18.1 million, while electricity segment revenue rose 3% to $86.8 million from $84.2 million.
Ormat reiterated its full-year guidance of $315-325 million revenue, including $100 million products segment revenue, at the upper end of its previous guidance of $90-100 million from August.
At the investors conference, Ormat's investors were less interested in the company's results than in control structure of the company, after First Israel Mezzanine Investors Fund (FIMI) reached a 10.53% stake and signed voting agreements with Ormat's second largest shareholder, Chaim Katzman-controlled Norstar Holdings Inc. (TASE: NSTR) (formerly Gazit Inc.) Together, they own a quarter of the company
If any investors expected Ormat's controlling shareholders, CEO Yehudit Bronicki and chairman and CTO Yehuda Bronicki, to disclose their intentions about FIMI's attempt to obtain control of the company, they were disappointed. "Yehudit Bronicki said, "All options are under review, including bringing in additional parties to the company's controlling interest, as well as options not involving adding a new party to the controlling interest."
Ormat's share price fell 2.2% to NIS 23.50, giving a market cap of NIS 2.8 billion.
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