TEL AVIV, March 9 (Reuters) – Israeli geothermal energy producer Ormat Industries (ORMT.TA: Quote, Profile, Research) on Monday reported a fourth-quarter net loss mainly due to a decline in value of its investment in oil sands company OPTI Canada (OPC.TO: Quote, Profile, Research).
The net loss of $32.7 million compared with a net profit of $53.8 million a year earlier.
Ormat booked a loss of $48.6 million from the decline in the value of its holdings in OPTI Canada as well as a loss of $6 million from the drop in the value of its investment in auction rate securities (ARS).
The company said in January it would have a loss of $48 million from its investment in Calgary-based OPTI Canada, which is developing the Long Lake oil sands project.
In the 2007 quarter Ormat had a capital gain of $46.3 million from a share offering by its subsidiary Ormat Technologies Inc (ORA.N: Quote, Profile, Research).
Excluding the capital gain and decline in value of its investments, Ormat said fourth-quarter net profit rose to $21.8 million from $13.8 million a year earlier. Revenue rose to $97.8 million from $73 million.
(Reporting by Tova Cohen; Editing by Erica Billingham)