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TransAlta profit plummets

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TransAlta Corp. (TA-T) said on Friday its profit fell by almost half, a worse-than-expected result that Canada's largest publicly-traded power generator blamed on weak market conditions.

The company said net income fell to $38 million, or 17 cents a share, in the third quarter from $66 million, or 34 cents a share, in the year-before quarter.

TransAlta had been expected to earn 25 cents per share, the average of analyst forecasts compiled by Thomson Reuters I/B/E/S.

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