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
![Get the day's top stories from and surrounding communities, delivered to your inbox once a day.](https://globalnews.ca/wp-content/themes/shaw-globalnews/images/skyline/.jpg)
Get daily news
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.