February 13, 2008 / 11:01 PM / 10 years ago

Hydro One 2007 profit down 12 pct as costs rise

TORONTO, Feb 13 (Reuters) - Hydro One Inc, the province of Ontario’s electricity transmission company, said its 2007 profit fell 12 percent as costs of operating and maintaining its transmission and distribution systems rose.

Hydro One, which is owned by the provincial government, said net income fell to C$399 million for the year ended Dec. 31 from C$455 million a year earlier.

Revenues edged 2 percent higher to C$4.65 billion from C$4.55 billion the year before. At the same time, operating costs rose to C$1.52 billion from C$1.4 billion in 2006.

$1=$1.00 Canadian Reporting by Wojtek Dabrowski; Editing by Peter Galloway

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