Boralex's loss widens in Q2 2016

Canadian renewables developer Boralex Inc (TSE:BLX) on Thursday reported an attributable net loss of CAD 7.3 million (USD 5.6m/EUR 5m) for the second quarter of 2016 compared to a deficit of CAD 6.3 million a year back.

In April-June 2016, the company registered a 12% year-on-year rise in revenues from energy sales to CAD 65 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 5% to CAD 37.7 million despite the less favourable weather conditions at existing wind farms in France, in Canada and at its hydropower plants in the US. EBITDA margin, though, decreased to 58% from 62%.

"Our key financial indicators showed growth even if our production volumes have been impacted by the vagaries of the weather and the typical seasonal factors seen for the second quarter," said Patrick Lemaire, Boralex’s president and CEO.

For the first half of 2016, Boralex posted an attributable net profit of CAD 13.3 million versus a loss of CAD 1 million and revenues from energy sales of CAD 171 million, up from CAD 130.7 million.

The company expects to record solid growth in the results of both its wind and solar segments for the full 2016. By the end of the year it anticipates to commission three wind farms totalling 36 MW.

(CAD 1.0 = USD 0.778/EUR 0.685)

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