Boralex posts USD-8m Q3 net loss

Nov 6, 2013 - Canadian renewable projects developer Boralex Inc (TSE:BLX) today said its net loss for July-September had remained nearly flat year-on-year at CAD 8.4 million (USD 8m/EUR 6m), compared to CAD 8.2 million before.

Several power plant projects of the company are progressing well towards completion. Among them is the 365-MW Seigneurie de Beaupre wind complex in Quebec whose 272-MW phase I is to be commissioned this December, president and chief executive Patrick Lemaire said. The firm is part of the consortium for the project that also includes natural gas distributor Gaz Metro LP (TSE:VNR) and Valener Inc (PINK:VNRCF).

Boralex’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) declined to CAD 11.6 million in the quarter from CAD 13 million a year earlier. It explained that the result would have been some 10% higher in annual terms if the effect of the shutdown of the Kingsey Fall thermal power plant was excluded.

Lemaire further said that the company was well on the way to double its capacity and EBITDA by end-2016. “Boralex's sound financial health allows us to seize potential growth opportunities in France and Canada while completing projects currently under development, without having to resort to equity markets,” the Boralex head said.

Revenue from energy sales contracted to CAD 28.7 million from CAD 33 million. Hydropower output rose by 52% on the year on good water flow conditions, especially in the US. Wind power generation lost 12% on less favourable wind conditions in France and Ontario.

In the first nine months of this year Boralex’s net loss narrowed to CAD 6.1 million from CAD 9.4 million and revenue was down to CAD 119.5 million from CAD 129.4 million.

(CAD 1 = USD 0.958/EUR 0.709)

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