CALGARY – Atco Ltd. (TSX:ACO.X) increased its first-quarter profit to $121 million as revenue at the Calgary-based conglomerate’s utilities subsidiary and their jointly owned temporary building operation grew over the same period last year.
The parent company’s profit amounted to $2.08 per share on a diluted basis as its overall revenue grew to $1.1 billion for the first three months of 2012.
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That compared with $1.02 billion in revenue and $110 million of earnings, or $1.89 per share in the first quarter of 2011 for Atco Ltd.
Atco’s utilities segment contributed more than half of the group’s total revenue.
Canadian Utilities Ltd. (TSX:CU), which is 52.7 per cent owned by Atco, reported separately it had $837 million of revenue in total, and $193 million of earnings or $1.44 per share for the same period.
In the year-earlier period, Canadian Utilities had $809 million of revenue, $176 million of earnings and $1.33 of diluted earnings per share.
Canadian Utilities owns 24.9 per cent of Atco Structures & Logistics, which provides temporary office spacing and workforce accommodations to the resource industry and construction sites. The rest of the segments is owned by Atco Ltd.
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