Innergex posts USD 10.6m Q3 profit

Nov 6, 2013 - Canada-based Innergex Renewable Energy Inc (TSE:INE) turned to a CAD-11.15-million (USD 10.6m/EUR 8m) net profit for the third quarter of 2013 from a loss of CAD 728,000 a year earlier.

The result benefited from increased power generation for the period and capacity additions. When certain unrealised net gains and realised net losses on derivative financial instruments and the related income tax are excluded, Innergex’s adjusted net profit for July-September 2013 grew to CAD 9.4 million from CAD 2.7 million a year back.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 27% to CAD 46.7 million.

Revenue for the reporting period was up 23% year-on-year to CAD 58 million, again as a result of higher generation and the addition of fresh capacity.

Innergex’s power plants produced 706.5 GWh or 106% of the long-term average, compared to 559.4 GWh a year ago. Hydropower generation increased due to above-average water flows in Canada, especially in Quebec and Ontario, which was in part offset by below-average water flows in the US. The company’s wind farms enjoyed better-than-average wind conditions and the 33-MW Stardale solar farm also saw higher-than-average solar irradiation.

In the first nine months of the year, Innergex swung to a CAD-42-million net profit from a CAD-4.8-million net loss. Revenue grew to CAD 156.9 million from CAD 129.5 million after output improved.

(CAD 1 = USD 0.958/EUR 0.709)

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