May 11, 2010 / 11:28 AM / in 7 years

UPDATE 1-Boralex Q1 profit falls 82 pct

* Q1 EPS C$0.04 vs C$0.19 yr ago

* Revenue down 11 pct

May 11 (Reuters) - Canadian power producer Boralex Inc (BLX.TO) posted an 82 percent fall in quarterly profit, partly hurt by lower electricity prices in the U.S. market.

For the first quarter Boralex, whose core business is development and operation of power stations that run on renewable energy, reported a net income of C$1.3 million, or 4 Canadian cents a share, compared with C$7.2 million, or 19 Canadian cents a share, a year earlier.

Revenue from energy sales fell 11 percent to C$51 million.

Analysts on average were expecting earnings of 15 Canadian cents a share, before special items, on revenue of C$52 million, according to Thomson Reuters I/B/E/S.

The company said its adjusted earnings for the quarter stood at 15 Canadian cents a share.

Boralex’s wind farms generated revenue of C$11.4 million, while its wood-residue thermal power stations earned C$30.2 million in sales.

Shares of the Kingsey Falls, Quebec-based company closed at C$9.38 Monday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Unnikrishnan Nair)

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