Hydro One reports profit of $268M

Hydro One Ltd. reported its first-quarter profit rose compared with a year ago helped by higher rates and increased demand due to colder weather.

The power utility says its net income attributable to common shareholders totalled $268 million or 45 cents per diluted share for the quarter ended March 31.

The result compared with a profit of $225 million or 38 cents per diluted share in the same quarter last year. Revenue totalled $1.81 billion, down from $1.85 billion a year ago.

However, revenue, net of purchased power, rose to $917 million from $843 million in the same quarter last year.

Hydro One says it earned 45 cents per diluted share for the quarter, up from an adjusted profit of 38 cents per share in the first three months of 2020.