NStar Q2 Profit Up On Facility Sale
Boston-based electricity and gas utility NStar said its second quarter profit hit $171 million thanks to the sale of a Boston facility.
The company was also helped by increased demand for electricity during the summer's consistently warm weather.
The company's district energy operations facility in Boston sold for $109 million.
Absent the sale, the company's profit was $61.6 million, more in line with the $56.9 million it reported for the second quarter of 2009.
Electricity sales increased 5.9 percent compared to a year ago.
Revenue declined 4 percent to $655.7 million from $683.6 million a year ago, which followed a 15 percent first quarter revenue slide.
NStar provides gas and electric services to several communities in Central Massachusetts, including Hopkinton, Holliston and Framingham.
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