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NB Power posts net loss for 1st 6 months of fiscal year

NB Power recorded a net loss of C$6 million for the first six months of the 2017-2018 fiscal year, compared to net earnings of C$45 million in the year earlier period, according to results released Nov. 24.

Revenues were up C$20 million year over year to C$744 million for the six months ended Sept. 30, compared to C$724 million a year ago, primarily to the utility's recent rate increase. The utility's out-of-province revenues increased to C$124 million, while the in-province revenues rose to C$580 million.

NB Power booked C$116 million in operating earnings, a decrease from C$143 million in the six months ended Sept. 30, 2016, period.

During the same period, NB power also reduced its debt by C$17 million to approximately C$4.88 billion.