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Toronto Hydro posts Q1 net income of C$42.5M

Toronto Hydro Corp. booked C$42.5 million in first-quarter 2018 net income after net movements in regulatory balances, up from C$39.6 million a year earlier.

The increase was primarily due to the implementation of new electricity distribution rates and higher electricity consumption, partially offset by higher operating expenses related to system maintenance and higher depreciation related to new in-service asset additions, the company said.

Distribution revenue for the quarter was C$171.6 million, a drop from C$178.2 million a year ago.

First-quarter capital expenditures were down to C$109.5 million, from C$134.3 million during the comparable period of 2017.