HS Orka in the black for 2009

In Canada, Magma Energy Corp. said that Icelandic geothermal company HS Orka hf, of which 41% is held Magma, has released its audited financial and operating results for the year ended December 31, 2009. HS Orka reports significant earnings for the year but Magma noted that the report will need to be translated by Magma into Canadian GAAP accounting standards before the full benefit to the company can be assessed. HS Orka states that its operating revenue amounted to $48.6 million and that profit for the year was $53 million after a loss of $91 million in 2008. Total comprehensive income was $63.6 million after a 2008 loss of $37 million. Assets rose from $284.5 million in 2008 to $323.9 million and equity grew from $44 million in 2008 to $110 million or 33.5% of total capital. Magma’s quarterly results for the period ending December 31, 2009 will be announced after markets close on February 15, 2010.