November 11, 2009 / 8:53 PM / 9 years ago

UPDATE 1-Boralex Q3 profit falls 88 pct

* Q3 EPS C$0.02 vs C$0.15 last year

* Revenue from energy sales fall 19 pct to C$39.7 mln

Nov 11 (Reuters) - Electricity producer Boralex Inc’s (BLX.TO) quarterly profit plunged 88 percent, hurt by lower electricity prices in the U.S. market and lower production volumes by its wood-residue power stations.

The company reported net income of C$0.7 million, or 2 Canadian cents a share, compared with C$5.7 million, 15 Canadian cents a share, in the prior-year period.

Revenue from energy sales fell 19 percent to C$39.7 million.

Analysts on average expected the company to earn 5 Canadian cents a share, before items, on revenue of C$45.1 million, according to Thomson Reuters I/B/E/S.

Boralex shares, which have shed 8 percent of their value in the past one month, were trading down 2 percent at C$8.57 Wednesday afternoon on the Toronto Stock Exchange. (Reporting by Krishna Chaithanya in Bangalore; Editing by Anne Pallivathuckal)

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