May 14, 2008 / 7:53 PM / 10 years ago

Hydro One reports 5 pct rise in 1st-qtr profit

TORONTO, May 14 (Reuters) - Hydro One Inc, the electricity transmission and distribution company owned by the province of Ontario, reported a 5 percent increase in first-quarter net income on Wednesday, even as revenue dipped amid lower average monthly peak demand.

Hydro One said it earned C$157 million ($157 million) in the three months ended March 31, up from C$149 million a year earlier.

Revenue fell 4 percent to C$1.22 billion from C$1.28 billion a year earlier.

It said capital expenditures hit C$211 million for the quarter, up 13 percent. This was partly due to higher spending on replacing soon to be retired assets and improving productivity, it said.

It also said net cash from operating activities was C$232 million for the first three months of 2008 and added it paid C$41 million in dividends to Ontario during this period. ($1=$1 Canadian) (Reporting by Wojtek Dabrowski; editing by Rob Wilson)

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