Because of the financial arrangements surrounding its recent C$1.78bn ($1.36bn) purchase of gas assets in Australia from parent company TransAlta Corporation, TAR’s net earnings for the quarter spiked to C$61.1m, from a mere C$691,000 during the year-ago quarter.
However, the earnings spike was not reflective of Calgary-based TAR’s underlying business.
Revenue fell 8% to C$30.9m during the quarter, while operating income tumbled 40% to C$5.8m.
Lower
