Canadian Innergex Renewable Energy turns to loss in Q3 2010

(ADPnews) - Nov 10, 2010 - Canadian Innergex Renewable Energy Inc (TSE:INE) reported on Monday a third-quarter net loss of CAD 10.9 million (USD 10.86m/EUR 7.8m), against a net profit of CAD 2.8 million a year earlier.

Adjusted for an unrealised loss from derivatives operations, net earnings came in at CAD 3.8 million, compared with CAD 2.8 million a year ago. The improved result was due to higher earnings before interest, tax, depreciation and amortisation (EBITDA) and revenues, which reflected the combination of Innergex Power Income Fund and the company.

EBITDA for the third quarter stood at CAD 19.8 million, up from CAD 11.9 million a year before.

Revenues climbed to CAD 24.7 million from CAD 15 million.

During the nine months through September, Innergex turned to a net loss of CAD 17.9 million from a net profit of CAD 19 million. Revenue was CAD 63.1 million, up from CAD 45.4 million.

Innergex develops run-of-the-river hydroelectric stations and wind energy facilities in North America. It operates 326 MW of installed green capacity, has 203 MW under construction and prospective projects of over 2,000 MW.

The company is to distribute a preferred-stock dividend of CAD 0.42123 and a CAD-0.1450 dividend per common share.

(CAD 1.0 = USD 0.998/EUR 0.717)

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