Business
Great Lakes Hydro Income Fund Reports First Quarter Results - Focus remains on enhancing long-term value of portfolio
Great Lakes Hydro Income Fund Reports First Quarter Results - Focus remains on enhancing long-term value of portfolio.
About this update from Brookfield Renewable Partners Lp
[{"type":"text","content":"\n\n\n\nSTOCK SYMBOL: GLH.UN/TSX\n\n\nGATINEAU, QC, May 7 /CNW Telbec/ - Great Lakes Hydro Income Fund today\nreported its financial and operating results for the first quarter ended\nMarch 31, 2007. The Fund provides additional information on its strategy and\nresults in its Letter to Unitholders and Supplemental Information available at\nwww.greatlakeshydro.com under Investor Relations/Financial Highlights.\n\n\nIn the first quarter of 2007, power generation totaled\n1,064 gigawatthours (GWh), reflecting above-average water inflows in Quebec\nand New England together with a return to more normal generation in Ontario.\nGeneration in British Columbia was negatively impacted by the overhaul on an\noperating unit at the Lois facility. Total power generated in this quarter was\nslightly lower than in the same quarter of 2006, when water inflows were\nunusually strong.\n\n\nRevenues in the first quarter of $48.2 million and income before non-cash\nitems of $24.8 million were in line with the results for the same period a\nyear earlier. Year over year, distributions to unitholders increased to\n$15.1 million or 10.417 cents per unit to reflect the added contribution from\nthe Carmichael generating station in Ontario that was acquired in July 2006.\n\n\n"We continued to deliver strong results in the first quarter of 2007 that\nare driven by strong water inflows in many of our watersheds. Our focus in the\nyear will remain on building the underlying value of our portfolio through our\ncapital improvement program and maintaining the Fund's track record of\noperating excellence," said Richard Legault, President and Chief Executive\nOfficer.\n\n\nFinancial and Operating Highlights\n-------------------------------------------------------------------------\nUnaudited Three months ended March 31\nCDN $ millions, except where noted 2007 2006\n-------------------------------------------------------------------------\nRevenues $ 48.2 $ 48.8\nIncome before non-cash items 24.8 25.4\nDistribution 15.1 15.0\nPer Unit\n Income before non-cash items 0.51 0.53\n Distribution 0.31 0.31\nPower generated (GWh) 1,064 1,140\nAverage price (cents/KWh) 4.5 4.3\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\nIn 2007, the Fund expects to spend a ...