July 28, 2011 / 1:32 PM / in 6 years

UPDATE 1-TransAlta Q2 profit falls

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July 28 (Reuters) - TransAlta Corp’s second-quarter profit fell 81 percent as the company had recorded a one-time gain from tax recovery last year.

The company, which runs coal and gas-fired power plants and renewable energy facilities in Canada and the U.S., saw net income fall to C$12 million ($12.6 million), or 5 Canadian cents per share, from C$63 million, or 29 Canadian cents, a year ago.

The company benefited from a one-time tax recovery of C$30 million, or 14 Canadian cents a share, in the year-ago period.

Comparable earnings rose to C$63 million, or 29 Canadian cents a share, from C$33 million, or 15 Canadian cents.

TransAlta’s availability, or the amount of its generating capacity that was operating, fell 4 percent to an average 76.9 percent in the quarter.

Revenue fell 6 percent to C$515 million. ($1 = 0.948 Canadian Dollars) (Reporting by Aftab Ahmed in Bangalore; Editing by Joyjeet Das)

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