* Q4 net income C$62 mln vs C$79 mln
* Q4 comparable C$0.40/shr vs C$0.37/shr expected
* Cash flow rises 26 pct
CALGARY, Alberta, Feb 24 TransAlta Corp (TA.TO)
said on Thursday its fourth-quarter net income fell 22 percent
as the power producer wrote down the value of some of its
The company, which runs coal, gas and renewable power
facilities in Canada the United States, Mexico and Australia,
posted net income of C$62 million ($63.2 million), or 28
Canadian cents a share, down from C$79 million, or 37 Canadian
cents, in the fourth quarter of 2009.
Comparable earnings, which exclude most one-time items,
rose 4.8 percent to C$88 million, or 40 Canadian cents a share,
from C$84 million, or 40 Canadian cents, on improved
reliability of its power plants and a better performance from
its trading business.
Analysts, on average, had forecast comparable earnings of
37 Canadian cents a share, according to Thomson Reuters
Revenue rose 6.2 percent to C$811 million.
Cash flow, a measure of the company's ability to fund new
projects, rose 26 percent to C$309 million from C$246 million
in the year-earlier quarter.
TransAlta's availability, or the amount of its
power-generating capacity that was running, averaged 91.4
percent in the quarter, up from 87 percent.
The company wrote down the value of some of its coal and
gas-fired plants by C$54 million in the quarter and reported a
C$28 million gain from its hedging program.
TransAlta shares were up 2 Canadian cents at C$20.61 by
late morning on the Toronto Stock Exchange. The shares have
fallen 14 percent over the past 12 months versus a 20 percent
rise by the exchange's benchmark index over that period.
(Reporting by Scott Haggett; editing by Rob Wilson)