Shares in Boralex Inc. were up 10 per cent in trading Monday after the renewable power producer reported its second-quarter profit rose compared with a year ago. The corporate logo of alternative energy producer Boralex Inc. is shown. THE CANADIAN PRESS/HO
MONTREAL – Shares in Boralex Inc. rose more than six per cent Monday after the renewable power producer reported its second-quarter profit rose compared with a year ago.
The company says it earned a profit attributable to shareholders of $19 million, or 19 cents per diluted share, for the quarter ended June 30, up from $10 million, or 10 cents per share, a year earlier.
Revenue from energy sales and feed-in premiums totalled $210 million, up from $168 million in the same quarter last year.
The company said the improvement was attributable to the commissioning of assets and to high electricity prices in France as well as the acquisition of wind assets in the United States.
It says the gains more than offset pressure on results due to unfavourable weather conditions in North America at the end of the quarter.
Boralex shares closed up $1.84, or 6.15 per cent, to $31.78 on the Toronto Stock Exchange.
This report by The Canadian Press was first published Aug. 14, 2023.
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