Newalta net earnings up 101 per cent in third quarter

By The Staff The Canadian Press

Posted November 1, 2011 8:45 pm

1 min read

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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.

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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.

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