July 24, 2009
NStar Reports 13% Q2 Profit Increase
By Matthew L. Brown
NStar, the Boston-based utility that sells natural gas in much of Central Massachusetts, reported a second quarter profit of $56.9 million, a 13 percent year-over-year increase.
The company said drops in operations and maintenance costs, as well as declines in interest expenses contributed to the earnings increase. However, those measures were somewhat offset by a 5.5 percent decrease in electricity sales as a result of abnormally cool early summer weather.
For the quarter, the company reported revenue of $707 million, a 4.9 percent decline from a year ago. For the first half, the company reported a profit of $117.9 million, a 7.6 percent increase from the first half of 2008, and revenue of $1.65 billion, a 1 percent increase.
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