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Valener reports $29.1-million Q2 profit up from $24 million year ago

MONTREAL - Valener Inc. (TSX:VNR) said Wednesday it earned $29.1 million in its latest quarter, up from a year ago as it was boosted by higher natural gas and power deliveries in Quebec and Vermont.

The natural gas and power utility, which holds a 29 per cent stake in Gaz Metro, said the profit amounted to 77 cents per share for the quarter ended March 31, up from $24 million or 64 cents per share a year ago.

Valener said the increase was also helped by savings at Gaz Metro from the integration of Green Mountain Power and Central Vermont Public Service and the weaker Canadian dollar.

"Gaz Metro's higher results show that the targeted geographic and commercial diversification of our operations since 2006 is paying off," Gaz Metro president and chief executive Sophie Brochu said.

"This is something we intend to continue in the coming years."

In addition to the stake in Gaz Metro, Valener holds a 24.5 per cent stake in the Seigneurie de Beaupre Wind Farms.

The Canadian Press

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