Hoku Scientific Inc., the Kapolei-based clean energy technology company, said it swung to a profit during the three months ended June 30 as revenue got a boost from gains related to foreign forward contracts.

The company reported a profit of $178,000, or 1 cent a share. That compared to a net loss of $653,000, or 4 cents a share, in the similar quarter a year earlier.

Hoku reported the profit as it continues its transformation to a company that manufactures polysilicon and performs photovoltaic system installation. The company is in the midst of building a plant in Idaho for the production of polysilicon, a material that's used in the production of cells for photovoltaic panels and computer chips.

Sales at the company more than doubled to $2.21 million as it increased its installation of photovoltaic systems. The cost of service and license revenue also jumped twofold to $1.52 million.

Hoku said those costs and operating expenses of $1.24 million contributed to a $560,000 loss from operations. Once the gain on foreign currency forward contracts was added in Hoku had a bottom-line profit.

"We are very pleased with the continued progress that we made during the quarter toward executing our solar and polysilicon strategies," said Dustin Shindo, Hoku chairman, president and chief executive officer, on a conference call.

Hoku also disclosed the selling price of its Campbell Industrial Park facility is $5.8 million. Earlier this week the company said it had an agreement to sell the 14,000-square-foot building and land it sits on to the Operating Engineers Local 3. The deal is contingent on the union selling its Middle Street facility.

Shindo said Hoku is making progress on its plant near Pocatello, Idaho, and expects to get the first set of polysilicon reactors next month. It said it is continuing to work on financing to complete part of the plant.

It plans to fund the remaining $53 million of the $111 million it needs to complete pilot production through its available cash, sale of common stock and equipment lease, and other debt financing. It also could receive pre-payments from new contracts who may sign long-term contracts for polysilicon.

Hoku said it has raised $3.3 million through the sale of stock, but temporarily suspended further sales until it released its quarterly results. It said it expects to resume selling the shares through an equity distribution agreement with UBS in the next two weeks.