Kelowna-based power utility FortisBC (TSX:FTS) reported a 3% increase to $62 million in its quarterly revenue for the period ending March 31, 2007, compared with the same quarter in 2006.
A British Columbia Utilities Commission approved increase in electricity rates for FortisBC's 152,000 customers was cited as the main reason for the higher revenue.
However, the company's quarterly profit was offset by an increase in power purchases and operating expenses. Net earnings remained at $11.3 million, a mere $26,000 more than net earnings in 2005's first quarter.
FortisBC share price range during the past week: between $27.94 and $28.06; 52-week high: $30; 52-week low: $20.36.