TransAlta reports $27M first quarter profit compared with a loss a year ago

A woman walks towards the entrance of the TransAlta headquarters building in Calgary, on Tuesday, April 29, 2014. THE CANADIAN PRESS/Larry MacDougal

TransAlta Corp. earned a profit of $27 million in its latest quarter compared with a loss a year ago, helped by strong earnings from its U.S. coal operations and its wind and solar business.

The power generator says it has modified its operating procedures and restricted non-essential access to its facilities due to the COVID-19 pandemic, but they all remain fully operational.

READ MORE: TransAlta buying cogeneration plant in Michigan for US$27 million

TransAlta’s profit amounted to 10 cents per diluted share for the quarter ended March 31 compared with a loss of $65 million or 23 cents per diluted share a year ago.

Revenue totalled $606 million for the quarter compared with $648 million in the first three months of 2019.

Story continues below advertisement

READ MORE: TransAlta and Tidewater sell Pioneer Pipeline to TC Energy for $255 million

The company says it started construction on its Windrise wind farm in April and expects the project to be fully commissioned for second half of 2021 due to a delay in the manufacturing of turbines from one of its suppliers due to COVID-19 pandemic.

TransAlta owns electrical power generation assets in Canada, the United States and Australia.

Sponsored content