Algonquin Power boosts Q3 2011 net profit to USD 19m
Nov 11, 2011 - Canadian clean power producer Algonquin Power & Utilities Corp (TSE:AQN), or APUC, said this week its third-quarter 2011 net profit had increased to CAD 19.6 million (USD 19.3m/EUR 14m) from CAD 1.3 million a year ago.
This translated into earnings per share of CAD 0.16, compared to CAD 0.02.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) grew to CAD 25.8 million from CAD 17.7 million. The improvement was due to the acquisition of California Pacific Electric Co (Calpeco) and enhanced hydrology at the company's renewable energy installations.
Third-quarter revenue stood at CAD 66 million, up from CAD 44.8 million.
Net profit for the nine months to September 30 was CAD 31.9 million, or USD 0.29 a share, up from CAD 2.3 million a year before.
Sales went up to CAD 204.6 million from CAD 131.9 million.