TransAlta reports $163M Q4 loss, 40% revenue increase from year ago

Calgary-based TransAlta Corp. reported a loss of $163 million in itslatest quarter compared with a loss of $78 million in the same quarter a year earlier as its revenue rose 40 per cent.

The power utility says its loss amounted to 61 cents per dilutedshare for the quarter ended Dec. 31 compared with a loss of 29 centsper diluted share for the last three months of 2021.

Revenue totalled $854 million, up from $610 million in the samequarter a year earlier.

Free cash flow per share amounted to $1.17 per share for thequarter, up from 29 cents per share in the fourth quarter of 2021.

Earlier this month, TransAlta announced a deal to acquire a 50per cent stake in the Tent Mountain Renewable Energy Complex, anearly-stage pumped hydro energy storage development project insouthwest Alberta.

Under the deal, TransAlta will pay Montem Resources Ltd. about $8million, when the deal closes, with additional payments of up to $17million contingent on the achievement of development and commercialmilestones.