Newfoundland Power, owned by utility holding firm Fortis Inc., made a profit of C$10.3 million ($6.6 million), or C$1 per share, down from a profit of C$12.2 million, or C$1.18 per share, in the year-ago quarter.

Revenue fell slightly to C$115.4 million from C$116.1 million.

The company said its operating expenses are at their lowest level in nearly a decade.

During the quarter, the company reduced electricity rates 0.6 percent, which also added to the drop in earnings.

The company's shares were up 17 Canadian cents to C$47.40 a share in Friday morning trade on the Toronto Stock Exchange.

($1=$1.57 Canadian)