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Just Energy posts 8% YOY drop in fiscal Q4 base EBITDA

Just Energy Group Inc. reported fiscal fourth-quarter 2018 base EBITDA from operations of C$68.9 million, compared to C$75 million in the same quarter of fiscal 2017.

Profit for the quarter was C$265.8 million, or C$1.40 per share, compared with a loss of C$38.2 million, or a loss of 30 cents per share, a year earlier, results released May 16 showed.

The company booked an 11% year-over-year drop in base funds from operations to C$25.5 million, from C$28.6 million in the corresponding quarter of fiscal 2017. Gross margin for the most recent quarter dropped to C$169.4 million from C$175.4 million a year ago.

The company's sales were up to C$1.01 billion from C$947.3 million in the same period of fiscal 2017.

On a full-year basis, Just Energy's base EBITDA totaled C$174.4 million, compared to C$224.5 million for fiscal 2017.

Profit increased to C$518.6 million, or C$2.62 per share, compared to C$470.9 million, or C$2.42 per share, for fiscal 2017.

Looking ahead, the company is targeting fiscal 2019 base EBITDA in the range of C$200 million to C$220 million.