February 4, 2010 / 12:40 PM / 8 years ago

UPDATE 1-Fortis fourth-quarter earnings rise

* Q4 net income C$81 mln vs C$76 mln a year ago

* Q4 revenue down almost 14 pct

TORONTO, Feb 4 (Reuters) - Canadian utility company Fortis Inc (FTS.TO) reported improved quarterly earnings on Thursday, driven by increased profits in its regulated electric utilities business in Canada.

Net income in the fourth quarter rose to C$81 million, or 46 Canadian cents a share, from a year-ago profit of C$76 million, or 46 Canadian cents a share. Earnings on a per share basis were flat as the company had more shares outstanding in its latest quarter.

The company, which also operates gas utilities, a power generation business and a utility business in the Caribbean, said revenue fell almost 14 percent due to lower volume shipments and revenue from its Terasen gas business.

Fortis is one of the largest investor-owned distribution utility companies in Canada, with over 2 million customers.

Its regulated holdings include electric utilities in five Canadian provinces and three Caribbean countries and a natural gas utility in British Columbia. It also owns non-regulated generation assets across Canada, in New York state and in Belize. (Reporting by Euan Rocha; editing by John Wallace)

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