Reposted from Oilweek.com SOURCE
HALIFAX _ Emera Inc. (TSX:EMA), the owner of Nova Scotia Power and other utilities, says its fourth-quarter net profit rose six per cent to $39.6 million, despite a decrease in revenues.
The Halifax-based company´s fourth-quarter profits amounted to 35 cents per share, up from $37.5 million, or 33 cents per share in the year ago period.
Revenue fell to $392.7 million from $406.5 a year ago.
For the full year, Emera earned $191.1 million, or $1.68, rising from $175.7 million, or $1.56 per share, in 2009.
"In 2010, we produced record operating results and record returns for our shareholders," said Chris Huskilson, Emera´s president and CEO.
"Emera has had five years of solid progress. We have diversified our earnings, increased our clean generation, and set the stage for future growth."
In breaking down its operations for the quarter, Emera said:
_ Nova Scotia Power Inc. earnings rose to $20.7 million from $17.4 million, reflecting a lower income tax expense.
_ Bangor Hydro-Electric contributed $7.8 million to net earnings, up from $7 million a year earlier. The increase was primarily due to increases in transmission pool revenue due to recovery of regionally funded transmission investments.
_ Emera´s Pipelines contributed $8.8 million in earnings from $8.4 million, reflecting the beginning of Brunswick Pipeline´s operations.
Emera is a growing energy and services company with $6.3 billion in assets and revenues of $1.6 billion.
It operates Nova Scotia Power Inc., Bangor Hydro Electric Company in Maine and the Brunswick Pipeline, a 145 kilometre gas pipeline in New Brunswick.
Emera also owns 38 per cent of Barbados Light and Power which serves 120,000 customers on the Caribbean island of Barbados, 19 per cent of St. Lucia Electricity Services Limited, also in the Caribbean, and 25 per cent of Grand Bahama Power Company which serves 19,000 customers on the Caribbean island of Grand Bahama.
In addition to its electric utility investments, Emera owns a gas-fired power plant in Saint John, a joint-venture stake in the Bear Swamp hydro-electric plant in northern Massachusetts and a 12.9 per cent stake in the Maritimes & Northeast Pipeline.
Shares in the company fell 56 cents to $30.44 in afternoon trading on the Toronto Stock Exchange.