Boralex Records Decreased Q2 Earnings with Sales Downturn

Canadian renewable power producer Boralex Inc saw its second-quarter net profit slip to CAD 17 million (USD 12.4m/EUR 11.3m) as revenues from energy sales were hit by decreased power output.

The company closed the April-June trimester with a net attributable profit of CAD 11 million, down from CAD 16 million a year back, its financial report showed on Wednesday. At CAD 180 million, revenues from energy sales and feed-in premium declined by 14% in annual terms due to the decreased power production and lower selling prices in France.

Meanwhile, the company’s strategy to optimise power selling prices, coupled with the commissioning of new plants in France and higher contribution from joint ventures in North America, had a positive effect on earnings before interest, tax, depreciation, and amortisation (EBITDA). The result improved by 9% year-on-year, coming at CAD 130 million.