Calgary-based utility TransAlta Corp. (TA) has reported a $163 million fourth-quarter loss.
That latest loss is more than double the loss of $78 million recorded in the same quarter a year earlier.
TransAlta said the loss equaled $0.61 per share for the quarter ended December 31, 2022, compared with a loss of $0.29 a share a year ago.
Revenue in Q4 totalled $854 million, up 40% from $610 million in the same quarter of 2021.
Earlier in February, TransAlta announced a deal to purchase a 50% stake in the Tent Mountain Renewable Energy Complex, a hydro energy storage project located in Alberta.
Under terms of the deal, TransAlta will pay privately held Montem Resources $8 million when the deal closes, with additional payments of up to $17 million contingent on the achievement of several milestones.
TransAlta’s stock is down 10% over the past 12 months and trading at $11.66 per share.