April 29, 2011 / 12:56 PM / in 7 years

UPDATE 1-Capital Power Q1 profit drops on lower margins

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April 29 (Reuters) - North American independent power producer Capital Power Corp reported a 75 percent drop in its first-quarter net profit, hurt mainly by weak margins.

Capital Power posted first-quarter net income of C$3 million, or 6 Canadian cents a share, compared with C$12 million, or 55 Canadian cents a share, a year ago.

Excluding items, it earned 33 Canadian cents a share.

Revenue for the company, which currently has power generation capacity of about 3,800 MW, stood at C$458 million.

Edmonton, Alberta-based Capital Power’s shares closed at C$25.29 on Thursday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Joyjeet Das)

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