The El Paso Electric Company, engaged in the generation, transmission and distribution of power, has reported a net income of $10.8m, or $0.24 per diluted share, for the fourth quarter of 2008, compared to $13.9m, or $0.30 per diluted share, for the same period of 2007.
For the year ended December 31, 2008, El Paso Electric has reported a net income of $77.6m, or $1.73 per diluted share, compared to $74.8m, or $1.63 per diluted share, for the year 2007.
The company has reported operating revenues, energy expenses of $124.99m for the fourth quarter of 2008, compared to $117.31m for the same period of 2007.
El Paso Electric has reported operating revenues, energy expenses of $538.63m for the year 2008, compared to $499.8m for the year 2007.
David Stevens, CEO of El Paso Electric, said: Fourth quarter 2008 earnings declined relative to fourth quarter 2007 earnings largely as the result of an increase in interest expense reflecting a June 2008 debt issuance and increased rates on our Pollution Control Bonds, a decrease in retail revenues reflecting a softening economy and higher operating costs.
