Sprott Power increases Q2 2012 revenue by 60%

Jul 24, 2012 - Canadian renewable energy company Sprott Power Corp (TSE:SPZ) on Tuesday said its revenue grew 60% year-on-year in the second quarter of 2012 to CAD 4 million (USD 3.9m/EUR 3.2m).

The increase was due to the completion of the 31.5-MW Amherst I wind farm in Nova Scotia in April.

Energy generation rose 65% to 43.3 GWh, with the Amherst I facility contributing 18.6 GWh.

In the first half, revenue was up 65% at CAD 7.5 million as generation increased 67% to 79.8 GWh.

Earnings before interest, income taxes, depreciation and amortisation, and acquisition gain and expenses almost doubled both in the three-month and six-month periods to CAD 1.9 million and CAD 3.9 million, respectively. That reflected the addition of the Amherst I project and the fact that the company had only two months of production in the first quarter of 2011.

Net attributable loss in the second quarter was CAD 0.016 per share, compared with CAD 0.021 a year ago. For the first half, net loss was CAD 0.014 per share, the same as in 2011.

At the end of June, Sprott Power had CAD 24.9 million of working capital, including CAD 20.9 million in cash.

(CAD 1.0 = USD 0.981/EUR 0.811)

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