Boralex's Q1 EBITDA improves, net profit decreases

Canadian renewables developer Boralex Inc (TSE:BLX) said today that its power production, revenues and EBITDA have all improved during the first-quarter of 2017 compared to a year earlier.

Still, the company saw its net profit attributable to Boralex shareholders decrease to CAD 16 million (USD 11.7m/EUR 10.7m) from CAD 21 million under both IFRS and proportionate consolidation.

Thanks to the contribution of the 230-MW Niagara Region wind farm in Ontario, which was fully acquired in January, and the addition of four new power plants in 2016, the company’s total power production rose to 909 GWh from 821 GWh under IFRS, and to 1,063 GWh from 973 GWh under proportionate consolidation. Revenue from energy sales increased by 12% to CAD 119 million.

Under IFRS, Boralex’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) climbed to CAD 87 million from CAD 80 million, while under proportionate consolidation the result improved to CAD 97 million from CAD 90 million.

By the end of the year the company expects to commission five wind parks totalling 76 MW, as well as the 16-MW Yellow Falls hydropower plant. In 2018, Boralex anticipates to add 79 MW of new capacity in France, while in 2019 it intends to commission the 50-MW Otter Creek wind farm in Canada, it said.

The company targets having 2,000 MW of installed capacity by the end of the decade.

(CAD 1.0 = USD 0.729/EUR 0.667)

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