BREAKING NEWS

VANCOUVER - Magma Energy Corp. (TSX:MXY) reports net income of $13.4 million dollars in its first quarter, a sharp gain over the $2.6 million it lost in the same period last year.

The company's share price rose five cents during the quarter after dropping a penny in the year-before period.

For the year ended June 30, the company recorded a loss of $16.4 million.

Magma Energy is a geothermal power company which operates, develops and acquires geothermal energy projects.

During the quarter, the company boosted its interest in HS Orka power plant operations in Iceland to 84.2 per cent on Aug. 17 and to 98.5 per cent on Sept. 3.

Magna also has extensive properties in the western United States and Latin America.