November 11, 2010 / 12:41 PM / in 7 years

UPDATE 1-Boralex Q3 profit rises on acquisition, wind power

* Q3 EPS C$0.69 vs C$0.02 last year

* Revenue up 6 pct

Nov 11 (Reuters) - Canadian power producer Boralex Inc BLX.TO posted higher quarterly results, helped by its recent acquisition of Boralex Power Income Fund and its newly commissioned wind power facilities.

The company, whose core business is development and operation of power stations that run on renewable energy, said it expects growth in the wind power segment for the rest of the year.

For the third quarter, Boralex reported net income of C$27.1 million, or 69 Canadian cents a share, compared with C$700,000, or 2 Canadian cents a share, a year earlier.

Excluding the impact of the acquisition of the fund and certain other items related to the deal, Boralex posted a loss of 7 Canadian cents a share.

Revenue from energy sales rose 6 percent to C$42.1 million. Revenue from wind farms -- the company’s second-largest segment -- grew 35 percent, offsetting a 6 percent drop in revenue at its largest segment, wood-residue thermal power stations.

In October, the company said three new wind farms in France with a total capacity of nearly 50 MW had started operating. [ID:nN04131850]

Analysts on average were expecting the company to post a loss of 5 Canadian cents a share, before special items, on revenue of C$40.9 million, according to Thomson Reuters I/B/E/S.

The Kingsey Falls, Quebec-based company’s shares closed at C$8.40 on Wednesday on the Toronto Stock Exchange. The stock has lost about 4 percent of its value since it completed the acquisition of Boralex Power Income Fund earlier this month. (Reporting by Isheeta Sanghi in Bangalore; Editing by Anne Pallivathuckal)

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