Geothermal Development Company's profit after tax for 12 months through June 2016 fell to Sh 287 million from Sh 1.6 billion the year before on increased operating expenses, the state-owned company said yesterday.
Revenue for the period, however, rose 24.9 per cent to Sh3.16 billion from Sh 2.53 billion on increased sale of geothermal steam.
GDC's future plans include boosting steam sales through the development of 1000 MW of geothermal power from three geothermal projects.
It has contracted three independent power producers through a competitive international open tender.
Chief executive Johnson Ole Nchoe said each of the three contracted firms will build and operate a 35 MW geothermal power plant for 25 years.