Utility company Fortis Inc. issues dividend after reporting higher profits

<p>ST. JOHN’S, N.L. – Electricity and gas distributor Fortis Inc. (TSX:FTS) has kept its dividend unchanged after reporting a 17 per cent increase in profits.</p> <p>The utility company will pay out 29 cents per share on Sept. 1 to shareholders of record on August 12.</p> <p>On Wednesday, Fortis said higher energy consumption helped boost its profits to $117 million in first quarter profits, up from $100 million last year.</p> <p>That is equal to 67 cents per common share, up from 58 cents in the first quarter of 2010.</p> <p>The company said the climbing price of oil and gas also contributed to the higher profits, but higher energy consumption in Alberta due to bad weather played the biggest role.</p> <p>Fortis took a $4 million foreign currency hit as the loonie rose above par with the U.S. dollar in the quarter.</p> <p>Fortis owns utilities in Newfoundland, Ontario, British Columbia, Alberta, Prince Edward Island, New York State and Belize. It serves about 2.1 million customers.</p> <p>The St. John’s-based company also owns hotels and commercial space, mainly in Atlantic Canada.</p>