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Ontario utility Hydro One's quarterly profit rises 11 pct

Published 2015-11-13, 08:42 a/m
© Reuters. Ontario utility Hydro One's quarterly profit rises 11 pct
H
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Nov 13 (Reuters) - Ontario power distributor Hydro One Ltd
H.TO , whose shares made their debut on the Toronto Stock
Exchange last week, reported an 11 percent rise in third-quarter
profit on Friday, helped by higher demand due to
warmer-than-usual weather.
The company, 85 percent owned by the Ontario provincial
government, said its revenue rose 5.7 percent to C$1.65 billion
($1.24 billion) in the three months ended Sept. 30.
Hydro One, which serves more than 1.2 million customers in
the province, said average annual 60-minute peak demand rose 5
percent to 22.32 gigawatts during the period.
Ontario raised C$1.66 billion from Hydro One's initial
public offering, one of the largest ever in Canada. The
government has said that as a public company Hydro One will
become more customer-focused and efficient.
The company's capital investment rose 16.5 percent to C$438
million in the quarter, compared with a year earlier.
Hydro One said it had invested C$1.21 billion so far this
year and deployed C$869 million of new assets in-service.
The company's net income rose to C$192 million from C$173
million, helped by an 8.7 percent drop in operation, maintenance
and administration expenses.
Up to Thursday's close of $C22, Hydro One's shares had risen
7 percent since its shares started trading on Nov. 5.
($1 = 1.3303 Canadian dollars)

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