NB Power says the first six months of this fiscal year have proven to be “very challenging” financially.
The utility’s second-quarter results show operating earnings of $102 million — down from $116 million during the same period in 2017.
They blame the drop on capital-related expenses and higher operations, maintenance and administration costs.
Revenue remained steady at $744 million while expenses climbed by $14 million to $642 million.
When you add in finance costs and investment income, the utility reported a net loss of $9 million.
“In response to these challenges, NB Power remains committed to reducing operating expenses by streamlining our operations and finding other efficiencies while at the same time maintaining our commitment to service reliability and safety,” Darren Murphy, chief financial officer, said in a news release.
The utility’s net debt increased by $78 million over the past six months to $4.85 billion.
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Story by Brad Perry
Twitter: @BradMPerry
Email: perry.brad@radioabl.ca
(File photo)
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