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Hydro One office is pictured in Mississauga, Ont. The power utility reported second-quarter results Tuesday.Darren Calabrese/The Canadian Press

Hydro One Ltd. reported a second-quarter profit of $1.1-billion, boosted by a one-time gain related to a court decision.

The power utility says it saw a one-time gain of $867-million in the quarter owing to an Ontario court ruling on a deferred tax asset appeal that set aside an Ontario Energy Board decision.

Hydro One says the profit amounted to $1.84 a share for the quarter ended June 30, up from $155-million, or 26 cents a share a year earlier.

On an adjusted basis, it says it earned 39 cents a share for the quarter, up from an adjusted profit of 26 cents a share in the same quarter last year.

Revenue totalled $1.67-billion, up from $1.41-billion in the second quarter of 2019.

Hydro One is Ontario’s largest electricity transmission and distribution provider.

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