Innergex Renewable trims loss in Q2 2011

Aug 18, 2011 - Canadian Innergex Renewable Energy (TSE:INE) narrowed its second-quarter net loss to CAD 6.8 million (USD 6.9m/EUR 4.8m) from CAD 7 million a year before, thanks to a rise in operating revenues.

Basic and diluted loss per share stood at CAD 0.09, compared to CAD 0.12 a year before, the company said.

Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter nearly doubled to CAD 34.6 million from CAD 18.8 million. The increase was due to the addition of 75 MW of operating capacity, a result of the acquisition of domestic hydropower firm Cloudworks Energy Inc, closed in April.

Operating revenue grew significantly to CAD 43.9 million from CAD 25.4 million.

Innergex, which operates wind, solar and hydropower facilities, saw its power generation rise to 595,317 MWh from 369,753 MWh a year back.

For the six months through June, the company posted a net loss of CAD 1.1 million, compared to CAD 72 million for the prior-year period.

Operating revenues grew to CAD 64.7 million from CAD 39.4 million, while power generation stood at 835,497 MWh, compared to 527,419 MWh.

(CAD 1.0 = USD 1.018/EUR 0.707)

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