October 31, 2008 / 12:27 PM / 9 years ago

UPDATE 1-Fortis Inc results helped by Terasen tax reduction

* Fortis EPS C$0.31 vs C$0.20

* Revenue rises 11.7 pct

* Results include C$7.5 mln tax cut at Terasen

TORONTO, Oct 31 (Reuters) - Fortis Inc FTS.TO reported a higher third-quarter profit on Friday helped by a favorable tax reduction at its Terasen Inc gas distribution unit.

The Canadian power producer said it earned C$49 million, or 31 Canadian cents a share, for the quarter ended Sept. 30, up from C$31 million, or 20 Canadian cents a share for the same time last year.

Revenue for the quarter was C$727 million, up 11.7 percent from C$651 million for the same period last year.

The company said the 2008 quarter included a C$7.5 million tax reduction associated with the settlement of historical corporate tax matters at Terasen.

Fortis acquired Terasen, which distributes natural gas to almost a million customers in British Columbia, in May 2007.

Excluding the tax reduction, earnings for the third quarter were C$41.5 million, or 26 Canadian cents a share. ($1=$1.22 Canadian) (Reporting by Scott Anderson, editing by Dave Zimmerman)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below