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ST. JOHN'S, Newfoundland - Newfoundland Power Inc. said on Friday its first-quarter profit fell because of slightly lower electricity prices and the lack of a tax refund that padded earnings in the first quarter of 2001.
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)
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