TransAlta Renewables' Q2 FFO rises 61% y/y

TransAlta Renewables Inc (TSE:RNW) on Friday said it has increased its second-quarter (Q2) comparable funds from operations (FFO) to CAD 43.4 million (USD 33m/EUR 30m) from CAD 26.9 million a year back.

The Canadian wind and hydropower firm mentioned that the CAD-16.5-million rise was recorded thanks to the contribution from an investment in TransAlta's Australian assets, finalised on May 7, 2015.

Net profit attributable to TransAlta’s common shareholders went up to CAD 7.2 million from CAD 5.9 million. At the same time, comparable net profit attributable to common shareholders jumped to CAD 22.2 million from CAD 5.9 million.

Comparable earnings before interest, tax, depreciation and amortisation (EBITDA) climbed to CAD 51.7 million from CAD 35.2 million. Revenue increased slightly to CAD 51.3 million from CAD 50 million.

TransAlta Renewables currently owns 16 wind farms and 12 hydropower plants (HPPs), and stakes in wind and gas-fired power generation assets in the US and Australia. Renewable power production in Q2 decreased to 698 GWh from 743 GWh.

For the first half of the year, TransAlta Renewables’ comparable FFO rose to CAD 88 million from CAD 73.3 million, while comparable EBITDA increased to CAD 105.5 million from CAD 90.9 million.

(CAD 1.0 = USD 0.762/EUR 0.694)

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