Unitil Q2 Loss Shrinks
Unitil Corp., the New Hampshire-based utility company that provides natural gas and electricity to parts of North Central Massachusetts, lost $800,000 in the second quarter of the year, compared to a loss of $2.1 million in the second quarter of 2010.
Because of the seasonal nature of natural gas consumption, Unitil said its results tend to be higher in the first and fourth quarters than in the second and third.
The company's net income for the first half of the year was $7.9 million, up from $4.4 million in the same period in 2010.
The total amount of gas sold rose 18.8 percent year-over-year for the quarter, a change the company attributed to increased usage by commercial and industrial customers, the addition of new customers and colder temperatures.
The volume of electricity sold remained steady, but the company's sales margin on electricity grew $2.7 million in the quarter thanks to higher rates implemented in July 2010.
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