Canadian co Boralex posts profit in H1 2013

Aug 7, 2013 - Canadian renewable projects developer Boralex Inc (TSE:BLX) turned to a CAD-2.3-million (USD 2.2m/EUR 1.7m) net profit in the first half of 2013 from a loss of CAD 1.2 million a year ago.

Earnings before interest, tax, depreciation and amortisation (EBITDA) grew to CAD 56.4 million from CAD 52.2 million, the company said in a press release on Wednesday.

Revenue from energy sales amounted to CAD 90.9 million, declining from CAD 96.4 milllion.

In the April-June quarter Boralex narrowed its net loss to CAD 1.7 million from CAD 6 million a year ago. It attributed the better result to improved wind conditions in Canada, more favourable water flows in the US and the performace of the 34.5-MW St-Patrick wind farm in France hwihc Boralex bought in June 2012.

Second-quarter revenue grew to CAD 40.1 million from CAD 38.9 million.

On August 6, Boralex said it had closed financing for its 22-MW Jamie Creek hydropower project in Canada and the 8-MW Vron wind scheme in France. It got a loan from Canada Life Assurance Co and Great West Life Assurance Co for the hydropower plant (HPP) which is already under construction in British Columbia and financing from German lender Landesbank Saar (SaarLB) for the wind project.

(CAD 1 = USD 0.959/EUR 0.722)

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