Hydro-Quebec sees quartely profits jump by $24 million
Hydro-Quebec enjoyed a solid jump in profits for the latest quarter.
Published Friday, May 17, 2013 4:27PM EDT
MONTREAL - Hydro-Quebec’s quarterly profits were up $24 million over last year, as the Crown Corporation bagged profits of $1.36 billion for the quarter, according to financial results announced by conference call Friday.
Electricity exports were up $67 million, while an agreement to buy all electricity created by Rio Tinto cost Hydro-Quebec $29 million less than it did the year prior.
Hydro Quebec had revenues of $3.9 billion, up by $243 million from last year.
Expenses were up $219 million from last year as well, according to Vice President of Accounting Lise Croteau.
Electricity sales in Quebec increased $150 million from last year, a fact Croteau attributed to colder temperatures than 2012.
Former Quebecor chief Pierre Karl Peladeau, who took over as head of Hydro Quebec this week, oversaw the financial results for the first time as chairman.
-With a file from The Canadian Press