Aug 9, 2012 - Canadian thermal and renewable power plant operator Northland Power Inc (TSE:NPI) yesterday posted a net loss of CAD 34.9 million (USD 35.1m/EUR 28.4m) for the second quarter, expanding from a loss of CAD 23.6 million a year ago.
The figure includes non-cash fair value losses of CAD 51.6 million, the company said.
Northland declared a dividend of CAD 0.27 per common class A share for the quarter.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to CAD 42.8 million from CAD 31.5 million. The company said its operating plants had contributed CAD 8.7 million more to EBITDA, compared to a year ago.
Revenue grew to CAD 85.5 million from CAD 80.2 million as electricity sales volume rose to 734,947 MWh from 571,305 MWh. The performance of the thermal plants was in line with Northland's expectations, while its wind farms operated below the long-term guidance due to low winds in April and June, the company said.
Northland confirmed its full-year EBITDA guidance of some CAD 170 million-180 million and commitment to maintain the current monthly dividend of CAD 1.08 per share on annual basis. It also expects EBITDA to rise to CAD 360 million-400 million on an annualized basis starting in 2014, upon the start of operation of projects under construction and advanced development.
(CAD 1 = USD 1.006/EUR 0.813)
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