Business
Great Lakes Hydro Income Fund Reports Second Quarter Results
Great Lakes Hydro Income Fund Reports Second Quarter Results.
About this update from Brookfield Renewable Partners Lp
[{"type":"text","content":"\n\n\n\nSTOCK SYMBOL: GLH.UN/TSX\n\n\nGATINEAU, QC, July 31 /CNW Telbec/ - Great Lakes Hydro Income Fund today\nreported its financial and operating results for the second quarter ended\nJune 30, 2007. The Fund provides additional information on its results and\nstrategy in its Letter to Unitholders and Supplemental Information available\nat www.greatlakeshydro.com under Investor Relations/Financial Highlights.\n\n\nPower generation in the second quarter of 2007 totaled 932 gigawatthours\n(GWh), reflecting slightly better than long-term average (LTA) in both British\nColumbia and New England where inflows continued to be strong. However,\ngeneration levels in Quebec and Ontario were below average for the period.\n\n\n- Second-quarter revenues of $41.4 million and income before non-cash\n items of $18.0 million were lower than $48.7 million and $25.7 million,\n respectively, in 2006 when water inflows were exceptionally strong. The\n 2007 operating results are attributable to the lower generation levels.\n\n- Distributions to unitholders increased year over year to $15.1 million\n or 10.417 cents per unit as a result of the added contribution from the\n Carmichael facility acquired in July 2006.\n\n\nFinancial and Operating Highlights\n-------------------------------------------------------------------------\nUnaudited Three months Six months\nCDN $ millions, ended June 30 ended June 30\n except otherwise noted 2007 2006 2007 2006\n-------------------------------------------------------------------------\nRevenues $ 41.4 $ 48.7 $ 89.6 $ 97.5\nIncome before non-cash items 18.0 25.7 42.8 51.2\nDistribution 15.1 14.9 30.2 29.9\nPer unit\n Income before non-cash items 0.37 0.53 0.89 1.06\n Distribution 0.31 0.31 0.63 0.62\nPower generated (GWh) 932 1,120 1,996 2,260\nAverage price (cents/KWh) 4.4 4.3 4.5 4.3\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n\n"As we continue to monitor hydrology conditions across our watersheds, our\nfocus remains on managing our generating portfolio for long-term growth and\nvalue creation through capital improvements and increased operating\nefficiencies," said Richard Legault, President and Chief Executive Officer.\nThe future tax expense in the second quarter includes a one-time charge...