Takeover target Canadian Hydro Developers Inc. says its profit plummeted 99 per cent during the second quarter as a result of higher expenses at two Ontario wind farms. Profit for the three months ended June 30 was $23,000 or zero cents per share, down from $2.88-million or 2 cents a year ago, the Calgary-based company said yesterday. The lower earnings were partly a result of an increased interest expense at Canadian Hydro's Melancthon II wind farm northwest of Toronto, which was charged to earnings rather than project costs as the facility reached completion in November. There was also an increased amortization expense at Melancthon II, well as at another wind farm at Wolfe Island, near Kingston. KHD (TSX) closed at $5.05, up 5 cents.
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