TransAlta Corporation (TAC,TA.TO), a Canadian electricity power generator and wholesale marketing firm, on Friday reported a decline in net profit for the first-quarter.
The company said: "TransAlta's first quarter results exceeded our expectations given the anticipated decline in Alberta spot power prices to C$99 per MWh in 2024, as compared to elevated spot power prices of C$142 per MWh in 2023. The 30 per cent decline in spot prices year over year was primarily due to milder weather, lower natural gas prices and incremental generation from the addition of new wind and solar supply in the market."
For the first-quarter, the company posted a net income of C$222 million or C$0.72 per share, lesser than C$294 million or C$1.10 per share, reported for the same period of last year.
Funds from Operation or FFO, which is non-IFRS measure, stood at C$239 million or C$0.78 per share, compared with C$374 million or C$1.40 per share a year ago.
Earnings before income taxes slipped to C$267 million from C$383 million in 2023.
Excluding items, EBITDA stood at C$328 million, lesser than last year's C$503 million.
Revenue was C$947 million, down from C$1.089 billion a year ago.
Looking ahead, for the full year, TransAlta expects to post adjusted EBITDA of C$1.150 billion to C$1.300 billion. The company aims to pay a dividend of C$0.24 per share, for the year.
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