Covanta Loses $38 Million for Second Quarter

Waste-to-energy firm Covanta Holding Corp. lost $38 million for its second quarter because of a charge regarding company United Kingdom development operations.

The Morristown, N.J.-based Covanta said in a news release that its loss for the quarter ended June 30 included a strategic shift in U.K. development that resulted in a charge of $49 million. A year ago Covanta showed a profit of $17 million.

Revenue increased 0.2 percent to $413 million compared with $410 million in 2012.

For the six months in 2013 Covanta lost $64 million, compared with net profits of $6 million a year earlier. Revenue fell 2 percent for the first half to $786 million compared with $802 million.

Revenue grew because of Covanta’s organic growth initiatives, but was partially offset by lower construction revenue, lower revenues earned to service project debt and lower spot waste pricing. Lower metal market pricing offset the benefit from higher energy market pricing.