August 4, 2010 / 11:50 AM / 8 years ago

UPDATE 1-Fortis profit up on growth in gas, electric utilities

* Q2 EPS C$0.32 vs C$0.31 yr ago

* Revenue up 11 pct

* Still sees 2010 capital program of about C$1.1 bln

Aug 4 (Reuters) - Canadian utility company Fortis Inc (FTS.TO) reported a 4 percent rise in quarterly profit, helped by growth at its regulated gas and electric utility businesses.

For the second quarter, net earnings attributable to common shareholders was up at C$55 million ($53.7 million), or 32 Canadian cents per share, from C$53 million, or 31 Canadian cents per share, a year ago.

Revenue at Fortis, which is one of the largest investor-owned distribution utility companies in Canada with over 2 million customers, was up 11 percent at C$836 million.

    Analysts on average were expecting earnings of 32 Canadian cents per share, on revenue of C$789.7 million, according to Thomson Reuters I/B/E/S.

    The Terasen Gas companies contributed earnings of C$17 million, up C$3 million from the year-ago quarter. FortisBC, the company’s regulated electric utility unit, contributed earnings of C$8 million, compared with C$7 million in the year ago.

    The company said it still expects its capital program to be about C$1.1 billion in 2010.

    Fortis shares closed at C$29.41 Tuesday on the Toronto Stock Exchange.

    $1=1.024 Canadian Dollar Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Anne Pallivathuckal

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