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Valener and Gaz Metro reports 1Q16 results

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Hydrocarbon Engineering,

Valener Inc., the public investment vehicle in Gaz Métro Ltd Partnership (Gaz Métro), has reported normalised operating cash flows of US$10.4 million for the first quarter of fiscal 2016, or US$0.27 per common share. This is compared to US$9.9 million or US$0.26 per common share in 1Q15. The company also declared a quarterly dividend of US$0.27 per share, in line with the plan announced in autumn 2015.

"Valener's financial position remains strong: our cash flows are stable and predictable, and our goal of raising the dividend over the next two years remains unchanged despite mounting pressure on energy prices and rising market volatility," said Pierre Monahan, Chairman of Valener's Board of Directors. "Our significant investment in Gaz Métro, a diversified and largely regulated energy portfolio, has helped insulate Valener from recent market turbulence."

For the 1Q16, Valener recorded adjusted net income attributable to common shareholders of US$16.5 million (US$0.43 per common share) compared to US$15.7 million (US$0.41 per common share) in the 1Q15. This increase of US$0.8 million (US$0.02 per common share) stems from an increase in Gaz Métro's recurring net income, partly offset by a decrease in the net income generated by the wind farms.

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