Magma Energy reports net income of $9m for Q1 of 2011

Mariposa Drilling Site, Chile (source: Magma Energy)
Alexander Richter 13 May 2011

Canadian Magma Energy reports net income of $9 million for the first quarter of 2011, which is a strong increase from the same period the previous year. The company is currently merging with Plutonic Power to Alterra Power (AXY).

Reported from Canada, “Magma Energy Corp (TSX:MXY) is reporting net income of $9 million, or three cents a share, for the quarter ending March 31.

The Vancouver-based energy company says that’s up sharply from $142,000 in net earnings in the same period last year. Magma says the increase is primarily due to increased gross profit of $5 million and accounting changes. Chairman and CEO Ross Beaty says the company pushed ahead in the third quarter with plans to merge with Plutonic Power to create Alterra Power Corp.

He says geothermal power will remain Alterra’s core focus, but there will also be hydro, wind and solar power opportunities. ”

Source: Winnipeg Free Press