Innergex reports wider net loss for Q1 despite improved EBITDA
Mesgi’g Ugju’s’n wind farm. Image by www.muwindfarm.com
Innergex Renewable Energy Inc (TSE:INE) saw its net loss expand in the first quarter (Q1) of 2018 mainly due to a larger unrealised loss on financial instruments and higher finance costs, which offset an improvement in EBITDA.
The Canadian renewable power producer said on Monday that its Q1 net loss has grown to CAD 14.6 million (USD 11.4m/EUR 9.6m) from CAD 2.5 million a year earlier as it registered a CAD-17.2-million jump in unrealised net loss on financial instruments, a CAD-16.2-million increase in finance costs, a CAD-9.6-million rise in depreciation and amortisation, and a CAD-2.5-million increase in other net expenses.
At the same time, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose to CAD 79.3 million from CAD 50.9 million because of higher production and revenues from the plants commissioned and acquired in 2017 and 2018. Adjusted EBITDA Proportionate amounted to CAD 84.7 million compared with CAD 53.2 million a year back.
The company’s top line climbed to CAD 117.9 million from CAD 74.5 million thanks to the contribution of certain acquisitions, a compensation from a manufacturer for low-availability of wind farm equipment, and higher production at some facilities. During the three-month period, Innergex’s plants generated 1,136 GWh of electricity, up from 722.3 MWh in January-March 2017 and representing 96% of the long-term average (LTA) of 1,183 GWh.