November 3, 2011 / 12:07 PM / 6 years ago

Fortis Q3 profit up on termination fee

(Reuters) - Canadian utility Fortis Inc’s (FTS.TO) posted a 29 percent rise in quarterly profit, helped by the termination fee it received in relation to its failed merger with Central Vermont Public Service Inc.

Third-quarter net income rose to C$58 million, or 31 Canadian cents a share, from C$45 million, or 26 Canadian cents a share, last year.

Fortis, the largest investor-owned distribution utility in Canada posted a slight rise in revenue at C$721 million.

In July, Gaz Metro struck a deal to buy Central Vermont Public Service Inc CV.N for $472 million after rival bidder Fortis Inc bowed out.

Shares of the company closed at C$33.80 on Wednesday on the Toronto Stock Exchange.

Reporting by Ankur Banerjee in Bangalore; Editing by Joyjeet Das

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