TransAlta Corp. (TAC, TA.TO) reported that its first-quarter net loss attributable to common shareholders was C$11 million, compared to profit of $88 million in the prior year quarter. On a per share basis, net loss was C$0.04, compared to profit of C$0.39 in the prior year.
The company recorded a loss of C$11 million on reported earnings for the quarter primarily driven by the de-designation of hedges. For these contracts that settled in the first quarter of 2013, the related gain had already been recognized in earnings during the first quarter of 2012, with the cash received in 2013. TransAlta also recorded a one-time loss due to the realization of pension funding obligations associated with the management of the Highvale mine which were previously included in the cost of coal
Funds from operations for the quarter increased to C$192 million from the last year's C$189 million. However, funds from operations per share declined to C$0.74 from the previous year's C$0.84.
Comparable earnings for the quarter decreased to C$32 million from the prior year's C$44 million, with comparable earnings per share declining to C$0.12 from C$0.20 last year. The decrease in comparable earnings largely due to lower comparable tax recoveries in the quarter compared to the same period in 2012 which recorded a substantial recovery from a one-time win.
Quarterly revenue was C$540 million, down from C$644 last year.
Analysts polled by Thomson Reuters expected the company to report earnings of C$0.20 per share on revenues of C$595.48 million for the quarter. Analysts' estimates typically exclude special items.
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