Nov 10, 2011 - Canada's Innergex Renewable Energy Inc (TSE:INE) on Wednesday reported a net loss of CAD 21.6 million (USD 21.1m/EUR 15.6m) for the third quarter of 2011, wider than the CAD-11.5-million loss recorded a year ago.
The higher net deficit mainly reflects bigger unrealised losses on derivative instruments used to manage the company's exposure to climbing interest rates.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the three months through September, however, grew 103% to CAD 40.1 million as revenues doubled to CAD 50.4 million and power generated rose to 666,009 MWh from 356,262 MWh. The performance was aided by the acquisition of domestic hydropower company Cloudworks Energy Inc, which was completed in April, as well as positive hydrologic and wind conditions.
In the first nine months of the year, the company, which operates 20 run-of-river power facilities and three wind farms, saw its revenue rise 78% to CAD 115.1 million, with power generated growing to 1,501,506 MWh from 883,681 MWh.
In the nine-month period, EBITDA increased 82% to USD 89.4 million, while net loss narrowed to CAD 22.7 million from CAD 83.4 million.