Unitil Profits From Gas Acquisition
Unitil Corp., the utility serving some North Central Massachusetts communities, saw a jump in business for the first quarter of the year, thanks to its acquisition of two gas companies in December.
The company's earnings applicable to common shareholders rose to $9.1 million from $3.3 million in the first quarter of 2008. That went along with a 567 percent increase in gas sales, to $77.4 million. At the same time, electricity sales declined from $443.5 million to $422.7 million.
The company's sales margins for both gas and electricity rose, reflecting the acquisition, a colder winter heating season and higher electric base rates.
The New Hampshire-based company bought Northern Utilities Inc. and Granite State Gas Transmission Inc., also of New Hampshire, for $160 million at the end of last year.
WBJ Web Partners
Most Recent
Most Recent
0 Comments