TORONTO, July 29 (Reuters) - Atco Ltd (ACOx.TO) reported a
lower second-quarter profit on Tuesday compared with a year
earlier, when the company got a boost from a taxation change
related to its dividends.
Atco, a Calgary-based conglomerate that operates utilities,
power plants and other industrial businesses, said it earned
C$52.2 million ($51 million), or 90 Canadian cents a share, for
the three months ending June 30, down from a year-ago profit of
C$55.3 million, or 95 Canadian cents.
During the same quarter of 2007, Atco said its profit was
boosted by a change in the taxation of its preferred share
dividends, which resulted in a reduction in income tax expenses
recorded in that quarter.
On an adjusted basis, earnings rose to C$46.1 million, or
80 Canadian cents a share, from C$45.4 million, or 78 Canadian
cents.
Analysts on average had estimated adjusted earnings at 77
Canadian cents a share, according to Reuters Estimates.
Revenue rose 10 percent to C$761.3 million from C$691.7
million, due primarly to improved merchant performance in the
company's Alberta generating plants and higher natural gas fuel
purchases.
($1=$1.03 Canadian)
(Reporting by Lara Hertel; editing by Frank McGurty)
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