TransAlta Falls After Quarterly Profit Drops: Calgary Mover

March 2 (Bloomberg) --TransAlta Corp. (TA), Canada’s largest publicly traded electricity producer, fell the most in more than a month after reporting a 74 percent decline in fourth-quarter profit.

TransAlta fell 1.5 percent to C$20.49 at the close in Toronto, the lowest since Jan. 19.

Net income fell to C$24 million ($24.3 million), or 11 cents a share, from C$92 million, or 42 cents a share, in the year-earlier period, Calgary-based TransAlta said in a statement today.

Excluding a loss related to MF Global Holdings Ltd.’s bankruptcy and other one-time items, profit was 11 cents below the average of 9 analysts’ estimates compiled by Bloomberg.

TransAlta, Canada’s largest wind-power operator, is preparing to phase out coal-burning plants in the coming decades.

To contact the reporter on this story: Jeremy van Loon in Calgary at jvanloon@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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