Emera Inc. saw its net earnings fall by $6.6 million in the first quarter of 2009 compared to the same point last year.
Emera, the Halifax-based owner of Nova Scotia Power and other energy assets, brought in $62.8 million for the first three months of 2009, down from $69.4 million from the first quarter of 2008.
The company said Tuesday the drop in earnings is based on the effect of market-to-market accounting adjustments.
Earnings per share also fell for Emera from $0.62 to $0.56, excluding the market-to-market adjustments.
“We are pleased with our strong results in this quarter,” Chris Huskilson, president and CEO of Emera, said in a release. “In addition, our new strategic partnership with Algonquin and the acquisition of development rights for the Nuttby Mountain wind farm position Emera to increase our investment in renewable energy.”
The release also said the earnings for NSP in the first quarter of 2009 was $52.5 million, down from $57.9 million from the first three months of 2008. The company blames the decrease to higher fuel costs somewhat offset by a rate increase set on Jan. 1.