Hydro One reports $357M Q3 profit
Hydro One Ltd. reported a third-quarter profit of $357 million, up from $307 million a year ago.
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Canada, Toronto: Hydro One Ltd. reported a third-quarter profit of $357 million, up from $307 million a year ago.
Hydro One reported that the profit amounted to 59 cents per diluted share for the quarter ended Sept. 30, up from 51 cents per diluted share a year earlier. Revenue totalled $1.93 billion, down from $2.03 billion in the same quarter last year, while revenue, net of purchased power, totalled $1.08 billion, up from $1.07 billion a year earlier.
The company says the increase in revenue, net of purchased power, was helped by a hike in transmission rates and higher average monthly peak demand. Since the end of the quarter, the company has been awarded the right to develop and construct three new transmission lines to meet growing demand in Northeastern and Eastern Ontario.
Hydro One has also been collaborating with First Nations on early planning, and it says First Nations will have the opportunity to invest in a 50 per cent equity stake in the transmission line component of the projects.
Source: BNN Bloomberg