May 15, 2018 8:01 am
Updated: May 15, 2018 10:52 am

Hydro One first quarter profit up 33% to $222M, dividend rising

Hydro One says its first-quarter profit rose to $222 million, which was up 33 per cent from the same time last year.

Roberto Machado Noa / File / LightRocket / Getty Images
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TORONTO – Hydro One says its first-quarter profit rose to $222 million, which was up 33 per cent from the same time last year.

That included $12 million related to its $6.7-billion acquisition of Avista, a U.S. energy company.

READ MORE: Doug Ford takes aim at Hydro One, Sunshine List in first visit to London as Ontario PC leader

The Ontario utility’s profit amounted to 37 cents per share, up from 28 cents per share in the first quarter of 2017.

Revenue was $1.58 billion, or $875 million after excluding purchased power.

READ MORE: Bill Kelly: Firing the boss won’t fix Hydro One

That compared with 2017 first-quarter revenue of $1.66 billion, or $769 million net of purchased power.

Hydro One says its quarterly dividend will rise by one cent to 23 cents per share, payable June 29. It has paid a dividend of 22 cents per share since last June.

© 2018 The Canadian Press

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