Hydro One (H) has reported that its first-quarter profit fell 9% from a year earlier to $282 million.
Ontario's largest electricity transmission and distribution provider said its Q1 earnings were equivalent to $0.47 per share.
That compares to a profit of $310 million or $0.52 a share in the year earlier quarter.
Hydro One blamed the profit decrease on higher operating costs, as well as maintenance and administrative costs.
Revenue in the quarter ended March 31 totalled $2.07 billion U.S., up 1% from $2.05 billion a year earlier.
Hydro One’s stock has gained 11% over the last 12 months to trade at $39.59 per share.
