Power producer TransAlta Corp. reported Thursday a sharp drop in profits for its latest quarter as it was hit by lower prices and an increase in maintenance activities.
The Calgary-based utility said it earned a profit attributable to shareholders of $89-million or 40 cents per share for the quarter ended March 31 compared with a profit of $204-million or 92 cents per share a year ago.
Revenue totalled $656-million, down from $818-million.
“While our financial results were down in the first quarter of 2012 compared to the first quarter of 2011, we still generated strong cash to cover our dividend, support our sustaining capital and have free cash left over for reinvestment,” TransAlta president and chief executive Dawn Farrell said in a statement.
TransAlta has power plants in Canada, the United States and Australia.