TransAlta Reports Third-Quarter Loss on Centralia WritedownJeremy van Loon
TransAlta Corp., Canada’s largest publicly traded power generator, reported a third-quarter loss after writing down the value of its coal-fired plant in Washington state.
The company reported a C$9 million net loss ($8.6 million), or 3 cents a share, compared with a profit of C$56 million, or 24 cents, a year earlier, the Calgary-based company said in a statement today. Revenue rose to C$623 million in the quarter from C$522 million a year earlier.
TransAlta booked a C$40 million deferred tax-asset write off in the quarter for Centralia Thermal. Lower contract pricing for Centralia also contributed to the decline, the company said today.
The 104-year-old electricity producer, owner of plants in Canada, the U.S. and Australia, raised C$200 million in August by selling shares in its renewable-energy division. TransAlta Renewables has about 1,112 net megawatts of wind and hydropower plants and TransAlta retains a 82.6 percent stake in the publicly-traded unit.
The shares fell 1.1 percent to C$14.03 at the close in Toronto. The stock has six sell recommendations, three buys and four holds from analysts.