FORTIS INCORPORATED RECORDS PROFIT MARGIN

May 03, 2007

Parent company for B-E-L, power producer Fortis Incorporated has reportedly recorded a profit margin of 41.5 million dollars in the first quarter of 2007. This marks a 13 per cent increase from a year-earlier. The company said its earnings amounted to 38 cents per share, compared with year-earlier profits of 35 cents per share. The profit included a 2.4-million-dollar one-time charge on its disposal of a steam-turbine system at the Caribbean Utilities subsidiary. The growth in earnings was attributable primarily to Fortis Alberta, Belize Electricity and Fortis Turks and Caicos and increased hydroelectric production in Belize. This was according to president and Chief Executive Officer, Stan Marshall. Fortis said it will hike the dividend beginning with the second quarter payout on June 1 to 21 cents per share. Revenue in the period ended March 31 grew to 483 million dollars from a year-before 390.8 million. 

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