Utility Fortis profit rises on lower tax
(Reuters) - Canadian utility Fortis Inc's (FTS.TO: Quote) quarterly profit rose 4 percent partly on lower tax.
Net profit, attributable to shareholders, rose to C$121 million, or 64 Canadian cents per share, from C$116 million, or 66 Canadian cents a share, a year earlier.
"Recent regulatory decisions at FortisAlberta and the FortisBC Energy companies provide a measure of regulatory stability for our western Canadian utilities," Chief Executive Stan Marshall said in a statement.
The company paid C$8 million less in income tax.
Fortis, the largest investor-owned distribution utility in Canada, said revenue fell 1 percent to C$1.15 billion.
The company, which gets most of its earnings from regulated rate base assets, said its regulated gas utilities profit rose by C$7 million.
Its regulated holdings include a natural gas utility in British Columbia and electric utilities in five Canadian provinces and three Caribbean countries.
Fortis said in February that it will buy New York's CH Energy Group Inc CHG.N for about $1 billion to enter the U.S. state-regulated electric and gas distribution business that assures stable return.
The C$6.6 billion company also owns non-regulated hydroelectric generation assets across Canada and in Belize and upper New York State. It also owns hotels and commercial real estate in Canada.
(Reporting by Aftab Ahmed and Maneesha Tiwari in Bangalore)
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