Alterra Power returns to the black in Q3 with net profit of USD 14.7m

Nov 15, 2012 - Canadian renewable energy company Alterra Power Corp (TSE:AXY) said Wednesday it had returned to a net profit of USD 14.7 million (EUR 11.5m) in the third quarter from a net loss of USD 11.4 million a year ago.

The positive result was largely due to USD 1.4 million of savings in general and administrative costs as well as certain non-cash items such as an increase in the value of bonds and derivatives worth USD 29.5 million and a non-cash foreign exchange gain of USD 7.4 million.

Alterra said its net revenue was USD 29.2 million, down from USD 36.1 million in the third quarter of 2011, while earnings before interest, tax, amortisation and depreciation (EBITDA) were USD 17.8 million, down from USD 20.5 million last year.

The company’s six power plants produced a total of 762,570 MWh of electricity for the quarter, as strong performances at the 235-MW Toba Montrose run of river hydro plant and the 72-MW Svartsengi and the 100-MW Reykjanes geothermal plants managed to offset lower-than-expected output from the 15-MW Soda Lake geothermal plant and the 144-MW Dokie 1 wind farm.

(USD 1 = EUR 0.784)

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