May 1, 2008 / 11:36 AM / 10 years ago

Fortis Inc's profit more than doubles on Terasen

TORONTO (Reuters) - Canadian power producer Fortis Inc (FTS.TO) said on Thursday its first-quarter profit more than doubled, as the company benefited from the last year’s purchase of Terasen Inc.

The company earned C$91 million ($90 million), or 55 Canadian cents a share in the period, up from C$42 million, or 35 Canadian cents a share in the same period a year earlier.

The firm, based in St. John’s, Newfoundland, said revenue in the quarter ended March 31 was C$1.15 billion, up from C$483 million.

Fortis has said it is seeking more acquisitions following the purchase last May of Terasen, which distributes gas in British Columbia and generates earnings in the colder first and fourth quarters of the year.

Terasen Gas companies contributed C$58 million to earnings in the first quarter.

The company said its C$4-billion capital expenditure program will be harnessed over the next five years, and is expected to drive earnings growth.

($1=$1.01 Canadian)

Reporting by Jonathan Spicer; Editing by Scott Anderson

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