ST. JOHN'S -
Canadian electricity and gas distributor Fortis Inc. had net income of $100 million in the first quarter, up nearly nine per cent from the same time last year, the Newfoundland-based utility company announced Friday.
The profit amounted to 58 cents per common share in the first quarter with $1.07 billion in revenue, the St. John's-based company said.
The revenue was down $126 million from $1.2 billion in the comparable period of 2009, but net income rose from $92 million, or 54 cents per basic common share.
The company's holdings include Newfoundland Power, Maritime Electric, as well as electrical power companies under the Fortis name in Ontario, Alberta and Quebec.
Fortis also owns the Terasen natural gas distribution business in British Columbia and has holdings in the northeastern United States and several countries in the Caribbean region.
The company attributed the higher first-quarter profit to increased returns from Terasen, FortisAlberta, and Newfoundland Power - offset by lower earnings from its Caribbean businesses due to foreign exchange fluctuations.