08:25 AM EDT, 08/14/2024 (MT Newswires) -- Boralex ( BRLXF ) on Wednesday said its second-quarter profit fell 11% on lower power production and revenue.

The renewable-power producer reported net earnings of $17 million and net earnings attributable of $11 million, $0.10 per basic and diluted share, in the period, down from $19 million and $16 million respectively, or $0.15, in the year-prior quarter, on a consolidated basis.

Revenue fell 15% to $180 million from $210 million, while power production dropped 2.2% to 1,323 gigawatts.

EBITDA rose 9.2% to S130 million.

"The impact of our strategy to optimize electricity selling prices and the commissioning of new farms in France, as well as an increased contribution from our joint ventures, enabled us to increase EBITDA and discretionary cash flows this quarter ... We are pursuing our efforts to maintain strict financial discipline, as evidenced by our strong balance sheet and over $620 million in available cash resources and authorized financing. Furthermore, the introduction of the 30% Clean Technology Investment Tax Credit in Canada puts us in a good position to pursue our growth objectives," chief executive Patrick Decostre stated.

Boralex ( BRLXF ) is continuing to work on renewable-power projects in Canada, France and Scotland totaling 673-megawatts of production. It also plans to participate in a requests for proposals for solar projects in New York State and wind-power projects in the United Kingdom

The company's shares closed up $0.04 to $34.53 Tuesday on the Toronto Stock Exchange,