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Fortis profit edges higher Add to ...

Fortis Inc. says it edged up to a $55-million profit in the second-quarter as revenue increased 11 per cent compared with the year-earlier period.

The utility company announced Wednesday that net income attributable to common shareholders amounted to 32 cents per share, up from 31 cents per share or $53-million in the second quarter of 2009.

Revenue increased to $836-million from $756-million.

Based in St. John's, N.L., Fortis owns numerous electric utilities in Canada and abroad as well as the Terasen Gas Inc. natural gas distribution system in British Columbia.

Terasen Gas contributed $17-million in earnings during the quarter, up $3-million from a year earlier.

FortisBC, one of the company' regulated Canadian electric utilities, contributed $40-million of earnings, up $1-million from the second quarter of 2009.

Newfoundland Power, FortisAlberta and other Canadian regulated electric utilities all produced essentially the same level of profit as a year before. Regulated and unregulated power companies outside Canada as well as Fortis Properties were also unchanged from a year before.

Corporate activities were a $20-million drag on profit in the quarter, $2-million more than in the year-earlier period, as a result of a higher level of dividends associated with preference shares issued in January.

 

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