Northland Power returns to profit in Q3 2013

Nov 11, 2013 - Canadian thermal and renewable power plant operator Northland Power Inc (TSE:NPI) said Friday it had returned to a third-quarter net profit of CAD 41.3 million (USD 39m/EUR 30m) after losing CAD 22.2 million a year earlier.

The improvement came as a result of higher sales which rose due to the start up of several solar parks and the launch of commercial operations at Northland's Saskatchewan-based 260-MW North Battleford natural-gas-fired combined cycle facility. The company noted that the third-quarter result includes non-cash fair value gains of CAD 29.7 million as compared to a loss of CAD 24.6 million in the year-ago period.

Northland Power’s operating profit increased to CAD 51.2 million from CAD 21.2 million, while adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) grew to CAD 75.7 million from CAD 37.6 million.

July-September revenues jumped to CAD 152.4 million from CAD 82.7 million.

The company closed the first nine months of 2013 with a net profit of CAD 145 million, versus a loss of CAD 7.4 million in the same period of 2012. Revenues improved to CAD 382.9 million from CAD 268.5 million.

The company reaffirmed its earlier forecast for 2013 adjusted EBITDA of CAD 245 million-255 million. The result is expected to reach CAD 380 million-400 million in 2015 upon the start of operation of plants under development and construction.

(CAD 1.0 = USD 0.954/EUR 0.714)

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