TransAlta Renewables posts USD 1.1m net profit for Q3 2013

Oct 31, 2013 - Canadian firm Transalta Renewables (TSE:RNW) on Wednesday said its July-September 2013 net profit amounted to CAD 1.2 million (USD 1.14m/EUR 835,000), compared to CAD 2.8 million a year before.

The company, which in August completed a CAD-221-million listing in Toronto, explained that its financial information, both current and past, is based on carve out data as there were certain commercial transactions between it and parent firm Transalta Corp (TSE:TA).

Comparable net income for the third quarter of 2013 grew to CAD 4 million from CAD 2.8 million last year. Transalta Renewables reported funds from operations of CAD 21.9 million, compared to CAD 21.3 million a year earlier.

Comparable earnings before interest, tax, depreciation and amortisation (EBITDA) stood at CAD 29.1 million, slightly up from CAD 28.8 million.

Revenues for Transalta Renewables in July-September improved to CAD 43.5 million from CAD 41.9 million, while power generation was up to 543 GWh from 524 GWh.

For the first nine months of 2013, the renewable energy company posted a net profit of CAD 34.7 million and revenues of CAD 175.4 million. These compare to the year-ago results of CAD 13.6 million and CAD 152.5 million, respectively.

(CAD 1 = USD 0.953/EUR 0.696)

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