Innergex turns to USD-30m profit in Q2

Aug 9, 2013 - Canada-based Innergex Renewable Energy Inc (TSE:INE) swung to a second-quarter 2013 net profit of CAD 31 million (USD 30m/EUR 22.4m) from a CAD-11.9-million loss a year ago, thanks to improved operating performance.

The solar, wind and hydropower plants operator explained in a statement on Thursday that net profit would amount to CAD 13.2 million if it excluded an unrealised net gain on derivative financial instruments, the related income taxes and other factors. The comparative result for April-June 2012 is CAD 8.2 million. The difference is due to higher adjusted earnings before interest, tax, depreciation and amortisation (EBITDA).

Earnings per share amounted to CAD 0.28, versus a loss of CAD 0.12 previously. Innergex will pay a dividend of CAD 0.145 per common share on October 15.

Adjusted EBITDA for the second quarter rose 15% year-on-year to CAD 51.3 million, thanks to a 16% jump in operating revenues to CAD 64.2 million on capacity additions.

Innergex saw its power output grow to 792.5 GWh, 103% of long-term average, from 694.7 GWh. The rise was a result of above-average water flows, especially in Canada’s Ontario province and the US. Still wind conditions were slightly lower than anticipated. The 33-MW Stardale solar farm’s output was above its long-term average.

(CAD 1 = USD 0.968/EUR 0.724)

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