Power producer TransAlta posts profit due to lower impairment charges

Tue Jul 30, 2013 8:34am EDT
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July 30 (Reuters) - Canadian power-generation company TransAlta Corp posted a profit in the second quarter, compared with a loss a year earlier, due to lower asset impairment charges and fall in income tax costs.

The company said earnings also improved due to absence of arbitration penalties related to its Sundance units 1 and 2. The Sundance power plant is the largest coal-fired electrical generating facility in western Canada, with six generating units.

Net income attributable to common shareholders was C$15 million ($14.6 million), or 6 Canadian cents per share, compared with a net loss of C$798 million, or C$3.52 per share, a year earlier.

Comparable earnings, which exclude most one-time and unusual items, were C$9 million, or 3 Canadian cents share, compared with a loss of C$23 million, or 10 Canadian cents per share, a year earlier.

Revenue jumped 36 percent to C$542 million.