Western Wind turns to USD-8.5m profit in Q3 2012

Nov 30, 2012 - Canada-based Western Wind Energy Corp (CVE:WND) on Thursday said it had swung to a third-quarter net profit of USD 8.5 million (EUR 6.5m) from a loss of USD 1.6 million a year ago.

The wind and solar projects developer, which is currently in the process of selling itself, posted earnings per share of USD 0.13, against a loss per share of USD 0.03 in the July-September period of 2011. Late last week Western Wind got a takeover offer of CAD 2.50 (USD 2.52/EUR 1.94) per share by compatriot Brookfield Renewable Energy Partners LP (TSE:BEP.UN). The target company's CEO Jeff Ciachurski said Monday "It is my personal opinion the Brookfield offer is too low, and I am committed to obtaining a better price for the shareholders."

Western Wind's adjusted loss before interest, tax, depreciation and amortisation and other expenses or income improved to USD 790,000 in the reporting period from USD 1.3 million a year earlier.

Third-quarter revenue jumped to USD 8.4 million from USD 747,300 thanks to increased power generation due to the kick off of additional power generating facilities including Western Wind's 120-MW Windstar wind farm. Energy output for the period hit 63,944 MWh, while a year back it stood at 12,591 MWh.

In the nine months through September, the green energy firm turned to a net profit of USD 10.3 million from a loss of USD 3.2 million. Revenues jumped to USD 27.6 million from USD 2.3 million as energy generation rose 389% year-on-year.

Western Wind owns and operates three wind farms in California and one combined wind and solar energy facility in Arizona with a total capacity of 165 MW. It is also developing wind and solar projects in California, Arizona and Puerto Rico.

(USD 1 = EUR 0.769)
(CAD 1 = USD 1.007/EUR 0.774)

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