ENMAX Corporation today announced its
financial results for the three months ended June 30, 2012. Net earnings from continuing operations for the quarter were $53.1 million, up 5 per cent when compared to earnings of $50.6 million in the second quarter of the prior year. The year over year improvement in net earnings from continuing operations was the result of higher operating margins and lower interest expenses. This brings year-to-date net earnings from continuing operations to $115.7 million, up from $96.5 million for the same period last year.
"Second quarter performance was consistent with expectations," said Gianna Manes, ENMAX President and CEO.
"The regulated transmission and distribution operations are performing well compared to last year, however returns on the assets invested in this business are below targeted levels. In regards to our competitive business, we also had a strong quarter as we continue to add new customers and construction of the Shepard Energy Centre continues on plan."
ENMAX Corporation, through subsidiaries and predecessors, has provided Albertans with safe, reliable electricity for over 100 years. The ENMAX group of companies provides electricity, natural gas and value-added services to over 750,000 residential, commercial and industrial metered customer locations in Alberta. ENMAX Energy Corporation, a subsidiary of ENMAX Corporation, is Alberta's leading competitive electricity retailer. Through subsidiaries, ENMAX Energy is one of Alberta's largest investors in renewable energy and the first Canadian electricity retailer to offer customers the option to support wind generated energy. Also, ENMAX Corporation, through its subsidiary ENMAX Envision Inc., provides fibre optic networks for high speed data and internet communications.
Caution: This news release is intended to be read in conjunction with the
Q2 - 2012 Financial Report including Management Discussion and Analysis and Financial Statements. Commentary provided here may not be a suitable source of information for readers who are not familiar with ENMAX's operations and is not a substitute for reading the Financial Statements and Management Discussion and Analysis.
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Aug 10, 2012 | PDF | 49 Pages
View all quarterly financial reports
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