EPCOR Utilities Inc. on Feb. 15 reported fourth-quarter 2017 net income of C$87 million, compared with net income of C$88 million in the fourth quarter of 2016.
Net income was lower for the three months primarily due to gains from the sale of Capital Power Corp. shares in 2016 and no favorable fair value adjustments related to interest rate swaps in 2017. It was partially offset by higher favorable changes in the fair value of contracts-for-differences in 2017 and higher income from core operations in 2017.
Income from core operations was C$84 million during the most recent quarter, compared with C$51 million reported in the fourth quarter of 2016.
Investment in capital projects and acquisitions during the reported quarter grew to C$236 million from C$161 million in the comparable quarter of 2016.
On a full-year basis, the company generated net income of C$256 million in 2017, compared to net income of C$309 million in 2016.
Investment in capital projects and acquisitions rose to C$634 million in 2017, from C$553 million in 2016. The C$81 million increase was due to Drainage capital spending during September 2017 to December 2017, increased spending on acquisitions in 2017 and various upgrades at the Gold Bar wastewater treatment facility in the Water Services segment, partially offset by lower spending in 2017 on the advanced meter infrastructure project in the distribution and transmission segment.
Income from core operations in 2017 was C$253 million, compared to C$255 million in 2016.