February 25, 2010 / 3:15 PM / 8 years ago

UPDATE 2-Boralex Q4 profit rises more than three-fold

* Q4 EPS C$0.39 vs C$0.12 yr ago

* Revenue falls 15 pct

* Total production 440,016 MWh vs 401,989 MWh yr ago

* Shares rise 1 pct (Adds details, analyst comments, adds share movement)

By Koustav Samanta

BANGALORE, Feb 25 (Reuters) - Canadian power producer Boralex Inc BLX.TO posted a more than three-fold rise in fourth-quarter profit, helped partly by higher power generation at its wind power segment.

The company, which made a number of acquisitions last year representing more than 75 MW of power, will continue its efforts to find new business opportunities, obtain financing and develop quality projects, Chief Executive Patrick Lemaire said in a statement.

“In the near term, we think a bunch of catalysts are coming up. There is start up of new capacity in Ontario right now and also in France, all that will be reflected as we progress in to 2010,” Desjardins Securities analyst Pierre Lacroix told Reuters.

Lacroix, who has a “buy” rating on the stock, said the primary focus of the company is probably to take advantage of its good financing conditions in Europe to buy another wind farm and also to find financing to complete the Ontario wind farms.

Boralex, whose core business is development and operation of power stations that run on renewable energy, reported a net income of C$14.7 million, or 39 Canadian cents a share, compared with C$4.4 million, or 12 Canadian cents a share, a year earlier.

Revenue from energy sales fell 15 percent to C$46.1 million.

The company said its wind farms generated revenue of C$11 million, while its wood-residue thermal power stations earned C$27 million in sales.

Analysts on average were expecting earnings of 10 Canadian cents a share, before special items, on revenue of C$49.2 million, according to Thomson Reuters I/B/E/S.

The company’s total production for the quarter rose to 440,016 MWh from 401,989 MWh last year.

The production from its wind farms surged 41 percent to 79,741 MWh, while production from its wood-residue thermal power stations increased 3 percent to 304,399 MWh.

Boralex reported a cash flow from operations of C$11.3 million, up from C$11.1 million, a year ago.

Earlier this month, the company said its power stations that run on wood residue will receive biomass subsidies under the Obama administration’s Biomass Crop Assistance Program.

Shares of the Kingsey Falls, Quebec-based company were up 1 percent at C$10.00 in morning trade Thursday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Jarshad Kakkrakandy)

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