May 15, 2009 / 11:34 AM / 9 years ago

UPDATE 1-Canada's Plutonic Power posts wider Q1 loss

* Q1 loss C$0.26/shr vs C$0.06/shr loss yr ago

* Q1 includes C$9.2 mln non-cash expenditures

May 15 (Reuters) - Plutonic Power Corp PCC.TO, a developer of renewable power projects, posted a wider quarterly loss, hurt by unrealized losses on the fair value adjustment of interest rate swaps.

The company posted a net loss of C$11.3 million ($9.65 million), or 26 Canadian cents a share, for the first quarter ended March 31, compared with a loss of C$2.7 million, or 6 Canadian cents a share, a year earlier.

Two analysts on average expected a loss of 5 Canadian cents a share, before items, according to Reuters Estimates.

The company said it recorded C$8.8 million in unrealized losses in March due to the change in fair value of two interest rate swaps.

Plutonic said its flagship East Toba River and Montrose Creek run-of-river hydroelectric project, being built with its partner GE Energy Financial Services, is fully financed and on schedule to reach commercial operation during 2010. As of March 31, the company had C$22.1 million in cash and C$19.7 million in working capital.

The company’s shares, which have surged 60 percent over the past one month, closed at C$3.40 Thursday on the Toronto Stock Exchange. ($1=1.171 Canadian Dollar) (Reporting by Chakradhar Adusumilli in Bangalore; Editing by Deepak Kannan)

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