Newalta net earnings up 101 per cent in third quarter

CALGARY – Newalta Corp. (TSX:NAL) reports a sharp increase in third quarter net revenue to $11.8 million, or 24 cents per share.

The Calgary-based company reported net earnings of $5.8 million, or 12 cents per share, in the same period a year ago.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Sign up for weekly money newsletter Sign Up

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

In addition to a 101 per cent gain in net earnings, the company also reports a 25 per cent increase in revenue to $182 million.

The company largely credits the increases to improved market conditions, higher commodity prices and strong market demand.

In August, Newalta was awarded a $60 million contract from Syncrude Canada Ltd. to process oil sands mature fine tailings.

Newalta helps customers recycle and recover products from industrial residues through a network of more than 80 facilities across Canada.