Fortis profit up on growth at Alberta unit
(Reuters) - Canadian utility Fortis Inc (FTS.TO: Quote) reported a 9 percent rise in second-quarter profit, as higher energy infrastructure investment and increased transmission revenue helped drive growth at its Alberta unit.
Second-quarter net profit, attributable to shareholders, rose to C$62 million, or 33 Canadian cents per share, from C$57 million, or 32 Canadian cents per share, a year earlier.
Fortis, the largest investor-owned distribution utility in Canada, said revenue fell 6 percent to C$792 million.
The company 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.
Fortis expects its $1 billion acquisition of CH Energy Group Inc to close by the end of the first quarter of 2013.
Fortis's shares closed at C$33.40 on Monday on the Toronto Stock Exchange.
(Reporting by Ankur Banerjee in Bangalore; Editing by Viraj Nair)
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