Northland Power reported on Thursday that its third-quarter loss more than doubled compared with a year ago.

Shares of Northland Power Inc. NPI-T dropped more than 20 per cent after the company slashed its dividend and reported its third-quarter loss more than doubled compared with a year ago.

The power producer says it will pay a total dividend of 72 cents per share on an annual basis, starting with its payment on Jan. 15 to shareholders of record on Dec. 31. The company has been paying a monthly dividend of 10 cents per share for a total of $1.20 per year.

The cut came as Northland says its net loss attributable to shareholders amounted to $412.7-million or $1.58 per diluted share for the quarter ended Sept. 30, compared with a loss of $178.2-million or 70 cents per share a year ago

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