July 30, 2013 / 12:40 PM / 5 years ago

Power producer TransAlta posts profit due to lower impairment charges

(Reuters) - Canadian power-generation company TransAlta Corp (TA.TO) 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.

Reporting by Scott Haggett in Calgary and Bhaswati Mukhopadhyay in Bangalore

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