Fortis profit up on growth at Alberta unit

Tue Jul 31, 2012 7:35am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

(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)