May 11, 2011 / 11:46 AM / 6 years ago

UPDATE 1-Boralex Q1 profit soars on acquisition, wind power

May 11 (Reuters - Canadian power producer Boralex Inc’s first-quarter profit rose nearly four folds, helped by an expansion in its installed wind power capacity and the acquisition of Boralex Power Income Fund.

The company, whose core business is development and operation of power stations that run on renewable energy -- wind, hydroelectric and thermal -- said the January-March net income was C$7 million, or 18 Canadian cents a share.

This compares to a profit of C$2 million, or 5 Canadian cents a share, a year ago.

Revenue from energy sales rose 61 percent to C$82 million. The inclusion of Boralex Power Income Fund’s ten power stations contributed an additional C$30 million in revenue, Boralex said.

It completed the C$227 million acquisition of the Fund in November last year. [ID:nSGE6A00HL]

Hydroelectric power segment revenue rose four-fold to C$12.7 million, while revenue from wind power stations grew 60 percent to C$18.3 million.

Analysts on average expected earnings of 18 Canadian cents a share, on revenue of C$79.17 million, according to Thomson Reuters I/B/E/S.

The company’s shares closed at C$8.58 on Tuesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Maju Samuel)

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