Alterra Power quarterly loss narrows to USD 9.7m

Aug 14, 2012 - Canadian renewable energy company Alterra Power Corp (TSE:AXY) said Monday its net loss had contracted to USD 9.7 million (EUR 19m) in the quarter to June 30 from USD 23.6 million a year back.

The improvement was largely due to USD 5.6 million worth of savings the company made in administrative and financing costs, as well as a number of non-cash items such as favourable foreign exchange rates and a reduction of non-cash write offs.

Alterra said its net revenue was USD 21.1 million and its earnings before interest, tax, amortisation and depreciation (EBITDA) were USD 9.5 million. The company was formed in May 2011 through the merger of Canadian geothermal power company Magma Energy Corp and hydropower producer Plutonic Power Corp.

The company’s six power plants produced a total of 582,117 MWh of electricity during the quarter.

The results of the quarter to June 30, 2011 cannot be fully compared to the quarter this year because this year’s results include the performance of the Toba Montrose run-of-the-river hydropower station and the Dokie 1 wind farm, which were acquired by Alterra on May 13, 2011.

(USD 1 = EUR 0.811)

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