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

A TransAlta wind farm is shown near Pincher Creek, Alta.TransAlta Corp. reported a fourth-quarter profit of $66 million compared with a loss of $122 million in the fourth quarter of 2018. (Jeff McIntosh/The Canadian Press)

Calgary — 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.

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.

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.

This report by The Canadian Press was first published May 12, 2020.