Atco, Canadian Utilities post higher profits

Fri Apr 27, 2012 9:38am EDT
 
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(Reuters) - Canadian Utilities Ltd CU.TO and its parent Atco Ltd (ACOx.TO: Quote) reported higher quarterly profits as they linked industrial customers in northern Alberta to the province's electricity transmission grid.

Atco's structures and logistics business also benefited from growing demand for its workforce housing and modular facilities in Australia, Canada and South America.

Atco's first-quarter earnings rose to C$121 million, or C$2.09 per share, from C$110 million, or C$1.89, a year ago.

Canadian Utilities' earnings rose to C$193 million, or C$1.45 per share, from C$176 million, or C$1.34 Canadian cents per share, a year ago.

Revenue at Atco rose 9 percent to C$1.11 billion, while Canadian Utilities saw a 3.5 percent rise in revenue at C$837 million.

Atco shares were up 12 Canadian cents at C$72.49, while Canadian utilities shares were down 8 Canadian cents at C$68.50 on Friday on the Toronto Stock Exchange.

(Reporting by Maneesha Tiwari in Bangalore; Editing by Don Sebastian)