Nalcor Energy releases financial results for Q2 2018
Nalcor Energy reported its financial results for the second quarter of 2018 Wednesday morning.
Profit for the three months ending June 30 was $23 million compared to $78 million for the same period in 2017, a decrease of $55 million — that’s due in part to a one-time adjustment to sublease revenue in Bull Arm Fabrication during the second quarter of 2017 which increased profits at that time.
Funds from operations year-to-date are $207 million, compared to $221 million, a decrease of $14 million compared to the same period in 2017.
The year-to-date capital expenditures – not including the Maritime Link – are $694 million, a decrease of $649 million for the same period in 2017.
Total liabilities of $12.9 billion and equity of $5.2 billion on June 30 are comparable to $12.9 billion and $5 billion on Dec. 31, 2017. Debt to capital is also holding steady at levels reported in December.
“In the second quarter of 2018, we achieved a significant milestone — the first flow of electricity from the Churchill Falls Generating Plant over the Labrador-island Link,” Nalcor Energy president and CEO Stan Marshall was quoted saying in the news release.
“This is the first phase of the energization of the province’s new transmission assets.
Testing will continue over the coming months, with power expected to be delivered to homes and businesses on the island
this winter. While we are making progress on the project, we still have much work to do and remain focused on a safe and
strong finish for the Muskrat Falls Project.”