TORONTO – Natural gas and electricity marketer Just Energy Group Inc. (TSX:JE) swung to a loss in the fourth quarter as results were hurt by much warmer than normal winter weather.
The Toronto-based company, which contracts gas and electricity sales to residential and commercial customers, said its net loss in the quarter was $76.9 million or 54 cents per share, compared with a net profit of $37.1 million or 27 cents per share in the same 2011 period.
Revenue was $820.4 million, down from $941.3 million.
The company said its fourth-quarter operating results were highlighted by continued strong customer additions but adversely impacted by extremely warm winter weather that resulted in sharply lower natural gas consumption in key markets.
Sales from gas and electricity marketing decreased by 14 per cent quarter over quarter, primarily as a result of lower commodity prices as well as lower gas consumption due to the extremely warm winter temperatures, Just Energy said in a release.
Heating degree days in Just Energy’s primary gas markets were 10 to 15 per cent warmer than normal in January and February, with March being 38 per cent warmer than normal.
For the full year, the company reported a net loss of $126.6 million or 90 cents per share on revenues of $2.78 billion, compared with a profit of $352.9 million or $2.56 per share on revenue of $2.95 billion in fiscal 2011.
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