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TORONTO Hydro One Ltd. says its net profit increased nearly 7 per cent in its latest quarter despite a small bump in its revenues as rate increases offset weaker demand.

The power utility says its net income attributable to common shareholders was $300-million or 50 cents per diluted share in the third quarter, compared with $281-million or 47 cents per share a year earlier.

The company attributed the gain primarily to Ontario Energy Board approved rates for the transmission and distribution segment as well as the redemption of preferred shares in the prior year.

Revenues for the three months ended Sept. 30 were $1.91-billion, up from $1.9-billion in the third quarter of 2020. Revenues, net of purchased power, increased 7.7 per cent to $980-million from higher rates that were partly offset by lower energy demand in the quarter.

Hydro One was expected to earn 45 cents per share on $2.13-billion of revenues, according to financial data firm Refinitiv.

Hydro One is Ontario’s largest electricity transmission and distribution provider with about 1.4 million customers.

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