May 20, 2010 / 5:40 PM / 7 years ago

UPDATE 1-Just Energy Q4 loss narrows; distributable cash falls

* Q4 loss/unit C$0.59 vs loss/unit C$1.51 year ago

* Q4 rev up 18 percent

* Distributable cash falls 9 percent

* Sees FY11 distributable cash to grow 5 to 10 pct

* Shares down as much as 10 percent

May 20 (Reuters) - Just Energy Income Fund’s JE_u.TO quarterly loss narrowed, helped by customer additions, but the company said distributable cash fell 9 percent, sending its shares down as much as 10 percent.

Just Energy sells natural gas and electricity to residential and commercial customers.

For fiscal 2011, the fund expects growth in distributable cash, after margin replacement, of 5 to 10 percent. The distributable cash in fiscal 2010 was C$230.0 million.

For the fourth quarter, the distributable cash after gross margin replacement was C$66.0 million, down from C$72.2 million, last year.

The lower rate of growth was partly due to a rise in income tax and a warmer winter, the company said in a statement.

For the fourth quarter ended March 31, the company posted a net loss of C$79.2 million, or 59 Canadian cents a unit, compared with a loss of C$168.6 million, or C$1.51 a unit, a year ago.

Sales rose 18 percent to C$694.8 million.

Units of the company were trading down 96 Canadian cents, or 8 percent, at C$11.44 Thursday afternoon on the Toronto Stock Exchange. They touched a low of C$11.17 earlier in the session. (Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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