03:49 PM EST - Energy Savings Income Fund : reports that its net income increased 293 per cent in the first quarter and 82 per cent for the year due to an increase in gross margin per customer and growth in the number of customers. The fund said net income was $70.1 million or 66 cents per unit in the first three months of 2007 versus $17.8 million or 17 cents per share 17 per unit, an increase of 293 per cent. For the year ending March 31, Energy Savings Group said its net income increased 82 per cent to $93.9 million compared to $51.6 million the previous year. The increase offset bad debt expenses, general and administrative costs and other expenses related to change in market value of derivative financial instruments. Also on Thursday, the company said its buying the partnership units of Just Energy Texas LP, a marketer of deregulated electricity for US$34 million in cash and units - $16 million in cash and the issuance of US$18 million in units Just Energy serves residential, small and medium-sized commercial customers in Texas. Energy Savings Income Fund
units SIF.UN:CA are trading down forty seven cents at $15.07.
