Emera earnings Rebound To $54.7 Million
HALIFAX, NS -- - First-quarter earnings at Nova Scotia's major power utility have rebounded to $54.7 million, thanks largely to rising electricity and natural gas sales.
A Thursday news release from Emera Inc. of Halifax said the earnings have risen from $33.6 million last year. Earnings per share this quarter are 51 cents, compared to 34 cents in 2002.
"Our goal in 2003 is to restore Emera's earnings after a tough 2002. We're off to a strong start," said David Mann, Emera's president and Chief Executive Officer.
The company's largest subsidiary, Nova Scotia Power Inc., drove the earnings increase.
The power company's electricity revenues were $24.4 million higher year over year, reflecting a six per cent increase in sales volumes due to colder temperatures.
An average three per cent rate increase which began late in the year also contributed to sales growth.
Nova Scotia Power sold "a substantial portion" of its natural gas supply, capitalizing on high prices for that commodity, said the release.
However, the benefits of higher sales and lower fuel costs were partially offset by a $19.5-million increase in corporate income taxes for the power company.
Mann said the company will be asking for more rate increases to cover "increases in corporate income taxes" expected this year.
Bangor Hydro, Emera's electricity transmission and distribution utility in Maine, contributed $6.9 million to net earnings, an increase of $2.2 million over the prior year. Operating expenses were $3.3 million lower year over year, largely due to a staff restructuring in mid-2002.
Higher provincial taxes are expected to hit the utility as well.
On April 3, 2003, the government of Nova Scotia increased Nova Scotia Power's provincial taxes by $4.6 million, effective January 31, 2004.
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