Northland Power's net loss shrinks in Q3 2012

Nov 7, 2012 - Canadian thermal and renewable power plant operator Northland Power Inc (TSE:NPI) yesterday said its third-quarter net loss had narrowed to CAD 22.2 million (USD 22.4m/EUR 17.4m) from USD 71.5 million a year ago.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to CAD 37.6 million from CAD 30 million, mainly thanks to CAD-6.7-million additional contribution from operating plants, compared to the year-ago period.

Consolidated revenue increased to CAD 82.9 million from CAD 80.9 million.

The company said its thermal facilities had operated within its expectations, while the wind farms had operated below its long-term forecasts due to Hydro-Quebec outages and Northland's planned outages at two of its plants.

Northland Power confirmed its full-year guidance for EBITDA of some CAD 170 million-180 million as well as its expectations EBITDA to grow to CAD 360 million-400 million on an annualised basis from 2014 upon the start of operation of plants under development and construction. The company is committed to keep the current dividend of CAD 1.08 per common share and class A share on annual basis, payable monthly.

By 2015, Northland Power plans to complete more than CAD 1.5 billion of projects under construction of development.

(CAD 1 = USD 1.011/EUR 0.785)

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