Boralex Power Income Fund says its fourth-quarter loss came in at $21.1-million as the electricity generator booked an impairment charge on its property, plant and equipment.
The Montreal-based fund said the loss was worth 36 cents per unit for the period ended Dec. 31, compared with a $29.1-million loss a year earlier, or 49 cents per unit.
A $29.6-million impairment charge in the latest quarter related to the Dolbeau property, caused by lower fuel supplies, the insolvency of AbitibiBowater and subsequent termination of certain service agreements, Boralex said.
The fund reported revenues slipped to $25.1-million from $26-million.
Distributions to unitholders in the fourth quarter totalled $10.34-million, unchanged from the year earlier.
For the year, Boralex posted a net loss of $10.9-million, or 18 cents per unit compared to a $5.8-million loss, of 10 cents per unit in fiscal 2008. Revenue was $102.2-million from $109.3-million.
"In 2009, despite the ongoing difficulties in the economy, the fund continued to demonstrate its ability to generate significant cash flows, given the nature of its long-term contracts and high-quality assets," the company said in a release.
Boralex Power Income Fund owns 10 power generating stations in Quebec and in the United States with an installed capacity of 190 megawatts.