Manitoba Hydro posts $49 million profit in 2015/2016
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Hey there, time traveller!
This article was published 20/06/2016 (3779 days ago), so information in it may no longer be current.
Manitoba Hydro saw its profits fall significantly last year.
In unaudited financial statements tabled in the Manitoba legislature on Monday, the Crown corporation reported a profit of $49 million in 2015-2016, compared with $136 million the year before.
It attributed the drop in net income to lower domestic electricity and natural gas revenues due to a mild winter and higher capital investment costs.
The corporation lost $1 million on natural gas sales compared with a net income of $11 million the previous year.
Capital expenditures in the natural gas sector were $40 million compared with $27 million the year before. Hydro said the expenditures were for system improvements to meet the service requirements of customers throughout the province.
The corporation will release audited statements as part of its annual report this summer.
