May 4, 2010 / 3:16 PM / 8 years ago

UPDATE 1-Emera's Q1 profit rises 23 percent

* Q1 EPS C$0.68 vs C$0.56 last year

* Unit NSPI’s contribution to earnings rises 17 percent

May 4 (Reuters) - Canada’s Emera Inc (EMA.TO), which owns electric utilities, reported a 23 percent jump in quarterly profit, helped by lower income tax expense at its primary unit and strong performance by its pipeline business.

Net earnings was C$77.1 million, or 68 Canadian cents a share, compared with C$62.8 million, or 56 Canadian cents a share, last year.

Its unit Nova Scotia Power Inc’s (NSPI) contribution to earnings rose 17 percent to C$63.3 million.

The increase relates primarily to lower income tax expense as a result of tax deductions tied to NSPI’s increased renewable investments, Emera said in a statement.

Emera’s pipeline business contributed C$9.0 million, an increase of C$3.6 million from last year.

Shares of the company were little changed at C$24.04 Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Ratul Ray Chaudhuri)

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