August 6, 2010 / 5:47 PM / 7 years ago

UPDATE 1-Emera's Q2 profit misses expectations

* Q2 EPS C$0.26 vs est C$0.33

* Says on course to meet 4-6 pct FY growth target

Aug 6 (Reuters) - Canada’s Emera Inc EMA.TO, which owns electric utilities, reported a smaller-than-expected quarterly profit, hurt by lower margins and increased operating costs at its key unit, Nova Scotia Power.

For the second quarter, the company earned C$29.6 million, or 26 Canadian cents a share, compared with C$38.1 million, or 34 Canadian cents a share, a year ago.

Analysts, on an average, had expected earnings of 33 Canadian cents a share, according to Thomson Reuters I/B/E/S.

The company said profit at Nova Scotia Power fell 35 percent to C$14.9 million.

However, the company said it was on track to meet its 4 percent to 6 percent growth target for the year.

Shares of the Halifax-based company were down 6 Canadian cents at C$26.73 Friday afternoon on the Toronto Stock Exchange. (Reporting by NR Sethuraman in Bangalore; Editing by Aradhana Aravindan)

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