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.”
- PHOTOS: What's Brewing in Steamy Hallows, the Harry Potter-Inspired Cafe19 Pictures
- PHOTOS: Frida Kahlo at the Brooklyn Museum doesn't hold back23 Pictures
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.