MONTREAL - Hydro-Quebec's first-quarter net income rose 1.3 per cent to $1.45 billion on $3.77 billion in revenue thanks in part to higher sales of electricity outside the province.
The result compared with a profit of $1.43 billion on $3.73 billion in revenue a year ago. Total expenses were $1.8 billion, or $119 million more than in the first quarter of 2007.
Net income from exports to Ontario and the eastern United States grew by $37 million, while sales increased by $26 million or one per cent.
About 90 per cent of Hydro-Quebec's exports are sent to New England and New York.
A one-time $117-million gain from the sale of the utility's interest in Transelec in Chile barely compensated for higher royalties paid to the Quebec government, which owns the utility.
The public utility realized a gain on its Transelec interest following higher tariffs imposed by the Chilean government.
"The change in the price of a transaction that we made in 2006 helped us," said Daniel Garant, chief financial officer.
Water-power royalties were $169 million, up from $65 million a year earlier.
Hydro-Quebec Production earned $840 million, a decrease of $67 million, thanks largely to higher government royalties.
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