Canadian Boralex net loss deepens in Q3 2012

Nov 7, 2012 - Canadian renewable projects developer Boralex Inc (TSE:BLX) said today its adjusted net loss had widened to CAD 7.6 million (USD 7.7m/EUR 6m) in the third quarter of 2012 from CAD 7.2 million a year earlier.

The company was hit by the abnormally dry weather in Quebec and the northeastern parts of the US, which affected hydropower generation. Nevertheless, the weak performance in the hydroelectric section was in part compensated for by an extraordinary gain of USD 4 million, related to a retroactive adjustment on water rights of US hydroelectric power stations and improved results at the wind power segment.

Earnings before interest, tax, depreciation and amortisation (EBITDA) declined to CAD 16.2 million from CAD 16.7 million.

Revenue from energy sales dropped to CAD 33 million from CAD 36.2 million.

In the first nine months of the year, Boralex saw its adjusted net loss expand to CAD 6.4 million from CAD 5.3 million a year back. Revenue fell to CAD 129.4 million from CAD 137.5 million.

Boralex had cash on hand of over USD 140 million at end-September and plans to use it for its current wind and hydroelectric projects of over 550 MW. It also intends to double by 2016 its EBITDA of CAD 100.8 million in the past year.

(CAD 1.0 = USD 1.007/EUR 0.790)

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