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Gold/Mining/Energy : Hydro One - IPO

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To: John Sladek who wrote (39)	8/11/2002 1:58:51 PM
From: John Sladek	Read Replies (1) of 52

Aug. 8, 2002. 06:16 PM - Hydro One Q2 profits decline Drop is blamed on higher operating costs From Canadian Press Hydro One reported today a profit drop in the second quarter as higher costs offset a big jump in revenues. The provincial Crown utility said it made profits of $99 million for the three months ending June 30, compared with about $114 million for the same period last year. Revenues rose to $888 million from $722 million. Hydro, which owns the transmission towers and lines that carry the province's electricity, reported that operating costs rose to $295 million in the second quarter from $241 million last year. The company carried out work in the quarter it traditionally spreads out over the entire year. "This change compared to the historical work patterns will level related expenditures throughout the year, but results in an increase in second quarter expenditures compared to 2001," Hydro One said in a statement. Despite the lower profits, chief financial officer Ken Hartwick said the results are in line with expectations. "Hydro One's ... fundamentals continue to be sound, which positions us well to deliver stable returns," he said. "We will remain focused on strengthening our core transmission and distribution business." The Ontario government dismissed Hydro's board of directors this spring in a dispute over the severance and pay packages that some of the utility's senior executives received. Chief executive Eleanor Clitheroe was subsequently fired this summer by the new board over what the company said were "inappropriate" expenses. Clitheroe said the Hydro One board approved all her expenses and she plans to sue the company for wrongful dismissal. An interim board is currently running the utility and Hydro said a permanent board will be named by next week. torontostar.ca

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