Written by 12:54 pm Ontario Views: 0

Hydro One reports $1.1B Q2 profit boosted by one-time gain due to court ruling

TORONTO — Hydro One Ltd. reported a second-quarter profit of $1.1 billion, boosted by a one-time gain related to a court decision.

The power utility says it saw a one-time gain of $867 million in the quarter due to an Ontario court ruling on a deferred tax asset appeal that set aside an Ontario Energy Board decision.

Hydro One says the profit amounted to $1.84 per share for the quarter ended June 30, up from $155 million or 26 cents per share a year earlier.

On an adjusted basis, it says it earned 39 cents per share for the quarter, up from an adjusted profit of 26 cents per share in the same quarter last year.

Revenue totalled $1.67 billion, up from $1.41 billion in the second quarter of 2019.

Hydro One is Ontario’s largest electricity transmission and distribution provider.

This report by The Canadian Press was first published Aug. 11, 2020.

Companies in this story: (TSX:H)

 

The Canadian Press

(Visited 1 times, 1 visits today)
Close
Share via
Copy link
Powered by Social Snap
Ads Blocker Image Powered by Code Help Pro

Ads Blocker Detected!!!

We have detected that you are using extensions to block ads. Please support us by disabling these ads blocker.

Powered By
Best Wordpress Adblock Detecting Plugin | CHP Adblock