Innergex Renewable Energy Inc (TSE:INE) on Thursday reported an increase in net earnings for the third quarter of 2017 to CAD 4.4 million (USD 3.5m/EUR 3m) from CAD 409,000 in the same period of 2016.
The Canadian company said the higher earnings are mainly due to a rise in revenues, driven by its recently commissioned and acquired facilities. Revenues went up 56% to CAD 108.2 million, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased 60% to CAD 81.8 million.
Innergex, which at the end of October unveiled a deal to acquire compatriot clean energy company Alterra Power Corp (TSE:AXY), currently has net installed capacity of 1,079 MW, or 1,781 MW gross, across hydropower facilities, wind farms and one solar farm.
Electricity generation in the quarter was up 49% year-on-year to 1,243 GWh. The hydro facilities produced 93% of their long-term average (LTA) and wind farms produced 83% of their LTA.
In the nine-month period net earnings fell to CAD 16.2 million from CAD 23.3 million in first nine months of 2016, due mainly to below-average production this year compared with last year's above-average production, the company said. Revenues rose 33% to CAD 292.3 million.
(CAD 1 = USD 0.789/EUR 0.677)
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