Valener reports $36.7M profit for 2014 financial year, helped by lower loonie

MONTREAL – Valener Inc. (TSX:VNR), the publicly traded affiliate of Gaz Metro, says it earned $36.7 million its 2014 financial year, helped by higher gas and electricity deliveries in Quebec and Vermont and a lower Canadian dollar.

The company said Thursday the profit for the financial year ended Sept. 30 compared with a profit of $37.1 million the previous year.

The company’s recurring profit attributable to shareholders totalled $36.7 million or 97 cents per share, up from $34 million or 90 cents per share a year earlier.

“For a third consecutive year, Valener has shown shareholders that it can deliver solid returns through its investment in Gaz Metro,” Valener chairman Pierre Monahan said in a statement.

Valener holds a 24.5 per cent indirect interest in the Seigneurie de Beaupre wind power project and a 29 per cent stake in Gaz Metro Limited Partnership.

Gaz Metro is the largest distributor of natural gas in Quebec. The company also owns gas and electricity distribution operations in Vermont.

Net income attributable to the partners of Gaz Metro was $174.7 million for the 2014 financial year, up 5.4 per cent from $165.7 million.

The company said its results benefited from the integration of Green Mountain Power and Central Vermont Public Services.

In addition to its wind power projects, Gaz Metro said it will also look for growth from a recently announced joint venture with the Quebec government to triple the production capacity at its natural gas liquefaction plant in eastern Montreal.

The province has committed to contributing a maximum of $50 million, with the whole investment anticipated to total $118 million.