Alterra's profit climbs up in Q3 2013

Nov 13, 2013 - Canadian renewable energy company Alterra Power Corp (TSE:AXY) on Tuesday said its net profit had grown to USD 16.4 million (EUR 12.2m) in the third quarter of 2013 from USD 14.7 million a year ago.

The improvement was mainly due to high water flows and insurance proceeds for the Toba Montrose hydropower plant (HPP) in British Columbia which includes the 88-MW Montrose station damaged by a rockslide in December 2012. These positive effects were in part offset by non-cash items such as negative charges on the fair value of bonds payable and derivatives and write-offs of certain development costs as well as negative foreign currency effects.

Alterra’s earnings before interest, tax, depreciation and amortisation (EBITDA) improved to USD 18.3 million from USD 17.8 million. This increase was primarily mainly the result of higher contractual revenue at Icelandic geothermal company HS Orka and higher water flow at Toba Montrose.

Revenue gained 6% to USD 14.1 million thanks to HS Orka’s contribution. Alterra’s green power plants produced 360,391 MWh in the July-September period, or 89% of budgeted output. Had the Montrose HPP been online during the period, generation could have reached 103% of budget, Alterra calculates.

"With our operations back to full strength and delivering positive results, we are now focused on making 2014 a strong year of growth for Alterra,” said chief executive John Carson. The company intends to start construction on the 62-MW Jimmie Creek HPP and on the Shannon wind project next year.

Alterra operates hydropower and geothermal power plants and is also involved in the solar and wind power segments.

(USD 1 = EUR 0.744)

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