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Record quarter for Halifax firm

Power and pipeline firm Emera Inc. reported yesterday a recordfirst-quarter profit of $77.1 million, up from a year-ago $62.8 millionon solid contributions from all of its businesses.

Power and pipeline firm Emera Inc. reported yesterday a record first-quarter profit of $77.1 million, up from a year-ago $62.8 million on solid contributions from all of its businesses.

The Halifax-based company said its earnings amounted to 68 cents per share, compared with 56 cents in the same period of 2009.

Stripping out the effect of mark-to-market accounting adjustments at its Bear Swamp hydro-electric generating facility in northern Massachusetts, Emera said net earnings were $81.4 million, 72 cents per share, versus $66.3 million or 59 cents per share in the first quarter of 2009.

Emera said its Nova Scotia Power Inc. subsidiary saw first-quarter earnings rise to $63.3 million from $52.5 million, while Bangor Hydro Electric contributed $5.6 million, down from $6.4 million in the first quarter of 2009, due primarily to the effect of a stronger Canadian dollar.

The pipelines business contributed $9 million in profit, up from a year-before $5.4 million.

 
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