CH Energy reports income up, revenue down in ‘09
CH Energy group reported increase in the net profit during the quarter from $36.2 million o $2.22 per share to $44.3 million or $2.74 per share but revenue reported a decline from $1.1 billion to $931.5 million for the fourth quarter of 2009.
According to Steven Lant, Chairman, President and CEO of CH Energy, “Central Hudson's earnings increase was due primarily to a new rate plan approved by the New York State Public Service Commission, which took effect July 1, 2009, resolving a misalignment of our costs and revenues and putting us in a better position to earn a return near the authorized level.”
Total operating revenues for the full year 2009 slipped to $931.59 million, as compared to $1.14 billion for the full year 2008 mainly due energy commodity prices.
Central Hudson business earning jumped to $2.02 per share in 2009, as compared to $1.67 per share posted in 2008. The improvement in earning was credited primarily to improved cost recovery through delivery rates, though higher uncollectible accounts, depreciation, property taxes and other expenses offset much of the increased revenue.
The Griffith fuel distribution businesses contributed 76 cents to earnings per share in 2009, mainly due to sale of assets.
