CALGARY, Oct. 26 /CNW/ - FortisAlberta today released its 2006 third quarter results announcing increased earnings, lower operating costs and increased capital investment. Earnings for the third quarter were $12.
3 million, an increase of $3.0 million over the same quarter last year. "To the end of September, FortisAlberta has achieved performance improvements in key business areas such as safety, operating expenses and reliability while completing an unprecedented capital program," said Philip Hughes, President and CEO, FortisAlberta.
"These improvements, combined with a lower effective tax rate, have contributed to earnings that are substantially above those of the comparable quarter in 2005." In the third quarter of 2006, total revenue was $64.6 million compared to $66.
8 million, a decrease of $2.2 million compared to the same period in 2005. In 2005, revenue was $6.
5 million higher due to the finalization of load settlement amounts and billing adjustments. This was partially offset by an Despite operating in an environment of robust economic growth, which in turn fuels costs increases, FortisAlberta was able to lower operating costs for the nine months ended September 30, 2006 compared to the same period in During the third quarter, the Company continued to undertake capital projects across Central and Southern Alberta, investing approximately million, as compared to an original budget of $184 million, primarily due to higher than forecast growth in the residential and oil and gas sectors. "This level of activity is expected to continue for the next few years," added discussion analysis, please visit www.
fortisalberta.com and click on the To keep pace with the unprecedented growth in Alberta, FortisAlberta is working to upgrade facilities to meet customer demands. "We are making the province before year-end," said Hughes.
In the third quarter, FortisAlberta, in a coordinated effort with AltaLink, upgraded the transformer and distribution feeders at a substation in the Fort Assiniboine area. The upgrade of the distribution and transmission area, which is critical to the development of oil sands leases in the area. During the third quarter, FortisAlberta was honoured with an Alberta Grade 5 students throughout its service area.
The Company's focus on safety 2006 compared to 19 in 2005. "Safety performance has improved significantly as In the third quarter, as part of FortisAlberta's "Empowering Communities" community investment program, the Company announced a multi-year partnership with the Alberta Birds of Prey Centre. In 2006, the funding will enable the rehabilitation program.
FortisAlberta will also rely on the Centre's expert prey. The partnership creates a new opportunity for the Company to improve 426,000 customers and more than 104,000 kilometres of power lines. It is a wholly owned indirect subsidiary of Fortis Inc.
- a diversified, international annual revenues of more than $1.4 billion. The Common Shares, First Preference Shares, Series C; First Preference Shares, Series E; and First Preference Shares, Series F of Fortis Inc.
are traded on the Toronto Stock Exchange under the symbols FTS, FTS.PR.C, FTS.
PR.E and FTS.PR.
F, respectively. Fortis Inc. FortisAlberta may include forward-looking statements in this release.
By their very nature, forward-looking statements are based on underlying future expectations generally. Such events include, but are not limited to, general economic, market and business conditions, regulatory developments, weather and competition. FortisAlberta cautions readers that should certain events or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected.
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