May 15 (Renewables Now) - Canada-based Innergex Renewable Energy Inc (TSE:INE) on Tuesday reported a significantly reduced first-quarter (Q1) net loss, with improvements in both revenues and adjusted EBITDA thanks to acquisitions made in 2018.
The renewable energy company posted a net loss from continuing operations of CAD 4.42 million (USD 3.3m/EUR 2.9m) for January-March 2019 compared with CAD 9.7 million a year back.
In October 2018, Innergex became the sole owner of the five Cartier wind farms in Quebec with a combined capacity of 590 MW. CEO Michel Letellier said that this particular acquisition largely contributed to the company’s improved results in January-March 2019.
The table below gives more details about the company’s Q1 performance.
|Figures in CAD million, unless otherwise noted||Q1 2019||Q1 2018|
|Production Proportionate (MWh)||1,589,827||1,047,770|
|Adjusted EBITDA Proportionate||99.7||78.7|
|Net loss from continuing operations||(4.4)||(9.7)|
|Free Cash Flow||119||96.4|
The adjusted EBITDA margin went up to 73.8% from 72.3% because of changes in the company’s mix of segments, as wind power generation now represents a higher proportion of adjusted EBITDA, Innergex explained.
(CAD 1.0 = USD 0.742/EUR 0.662)