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Aug 12, 2016

Hydro One profit rises 16%, revenue flat in Q2 compared with last year

A Hydro One office in Mississauga, Ont.

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TORONTO -- Hydro One Ltd. (H.TO) is reporting a higher second-quarter profit and flat revenue.

The Toronto-based company -- which was wholly owned by the Ontario government until last year -- says its net income was $152 million, up 16 per cent from the second quarter of 2015.

Revenue barely changed, slipping to $1.55 billion from $1.56 billion.

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The electricity distributor says its profit was helped by several factors, including lower bad debt expenses and a drop in costs for outsourcing support services.

The company also expects its pension contributions will go down but there will be a corresponding decline in revenue from electricity customers.

Hydro One's earnings per share dropped to 25 cents from 27 cents last year. Adjusted earnings were 26 cents per share, up from 22 cents per share last year.

The province sold more of its Hydro One shares during the quarter but continues to be its majority stockholder, with 70.1 per cent of common equity.