TransAlta, which operates coal- and gas-fired electricity plants in Canada, the United States and Mexico, said earnings from continuing operations fell to C$33.2 million or 19 Canadian cents per share, down from C$37.3 million or 22 Canadian cents per share in the year-ago period.

Net earnings were C$46.5 million ($29 million), or 27 Canadian cents a share, up from year-earlier losses of C$180.1 million, or C$1.06 per share. The year-earlier figures included an extraordinary loss of C$209.7 million.

Analysts polled by Thomson Financial/First Call expected earnings of 30 Canadian cents a share on average.

Revenues were C$958.7 million, down 19 percent from C$1.19 billion in the corresponding quarter of 2000.

TransAlta shares closed off 10 Canadian cents at C$20.85 in Toronto on Thursday. Since the start of the fourth quarter, the stock is off about 4 percent, underperforming a rise of more than 3 percent in the Toronto Stock Exchange's utilities subindex.