November 6 (Renewables Now) - Canada's TransAlta Renewables Inc (TSE:RNW) has doubled its third-quarter (Q3) attributable net profit to CAD 24 million (USD 18.2m/EUR 16.4m) compared to a year earlier.
The company explained the higher bottom line with an increase in the change in fair value of financial assets of CAD 29 million, lower foreign exchange losses of CAD 5 million and a reduction in fuel, royalties and other costs of CAD 5 million. It noted that those factors were partially offset by a rise in depreciation expense and lower finance and interest income from subsidiaries of TransAlta related to its investment in Australian Gas.
TransAlta president John Kousinioris commented that the company’s financial results for the three-month period are in line with its overall expectations. More details about its performance are available in the table below.
|Figures in CAD million||Q3 2019||Q3 2018||9-mo 2019||9-mo 2018|
|Adjusted funds from operations (FFO)||69||67||243||235|
|Cash available for distribution (CAFD)||67||65||216||210|
|Net earnings attributable to common shareholders||24||12||131||143|
TransAlta has interests in 21 wind farms, 13 hydropower plants (HPPs), seven natural gas generation facilities, one solar park and one natural gas pipeline, representing 2,414 MW of owned generating capacity. These assets are located in Canada, the US and Australia.
In July-September 2019, TransAlta produced 706 GWh of renewable energy compared to 665 GWh a year back, while its output for the first nine months of the year went up to 2,574 GWh from 2,545 GWh.
(CAD 1.0 = USD 0.759/EUR 0.685)