RE:?Newbie2021 wrote: With the original news release pertaining to the foundation cracks and cost. Did the share price fall to take into account for that ? Is this drop just an over reaction?
Quite right. Why the rush to dump today on a simple reiteration of old news from even before last November (2021)? 08:18 AM EST, 11/09/2021 (MT Newswires) -- TransAlta Renewables (RNW.TO) on Tuesday said its third-quarter profit more than tripled.
The green-power company said it earned C$20 million, or C$0.07 per share, in the period, up from C$6 million, or C$0.02, in the third quarter of 2020. Adjusted funds from operations fell 25% to C$57 million, or C$0.21, while 4evenue rose 20% to C$114 million.
It generated 854 gigawatts of power in the quarter, down 1.2%.
The rise in the company's quarterly profit was attributed to "higher finance income from investments in subsidiaries of TransAlta and no fair value losses recognized in the current period partially offset by lower production from the Canadian wind fleet and greater asset impairments".
TransAlta also noted that it has shut down 45 wind-power turbines at its Kent Hills wind farm in New Brunswick following the collapse of a tower in late September. An inspection showed issues with the foundations of the towers, and it will need to repair or replace "a significant portion of the existing foundations" at a cost of up to C$2 million per tower. It is foregoing revenue of about C$3.4 million per month while the 167-megawatt facility is offline.
The company's shares closed down C$0.12 to C$18.49 Monday on the Toronto Stock Exchange.