August 9 (Renewables Now) - Canada's TransAlta Renewables Inc (TSE:RNW) on Thursday reported adjusted funds from operations (FFO) of CAD 80 million (USD 60.5m/EUR 54m) for the second quarter of 2019, representing an increase of 10% on a yearly basis.
Comparable earnings before interest, tax, depreciation and amortisation (EBITDA), meanwhile, rose by 13% year-on-year to CAD 111 million, mainly thanks to the acquisition of new solar and wind assets and favourable market impacts at Canadian Gas. This result, however, was partly offset by higher sustaining capital expenditures and increased distributions to partners.
The improved EBITDA and the lower interest expense in the period contributed to a CAD-6-million increase in cash available for distribution (CAFD) to CAD 57 million.
The Calgary-based power producer, which owns 2.4 GW of wind, hydropower, solar and natural gas capacity, ended the second quarter with a net profit attributable to common shareholder of CAD 34 million, contracting from CAD 65 million a year back. This, it explained, was mainly caused by the drop in finance and interest income related to TransAlta subsidiaries and higher unrealised foreign exchange losses.
More details about the company’s financial performance can be seen in the table below.
|Figures in CAD million, unless otherwise noted||Q2 2019||Q2 2018||H1 2019||H1 2018|
|Net profit (loss) attributable to common shareholders||31||65||107||131|
|Adjusted funds from operations (FFO)||80||73||174||170|
|Renewables generation (in GWh)||867||874||1,868||1,878|
"Results in the second quarter delivered positive growth supported by the acquisition of contracted renewable assets in mid-2018," said John Kousinioris, TransAlta’s president. He added that the company will commission two wind farms in the US later this year and keep its focus on adding new accretive projects to the fleet.
The board of TransAlta Renewables declared a monthly dividend of CAD 0.07833 per common share, to be distributed on October 31, November 29 and December 31 for each of the three months.
(CAD 1.0 = USD 0.757/EUR 0.675)