Revenues decline to C$811m

Epcor Utilities has reported a net income of C$15m for the fourth quarter ended December 31, 2008, compared to C$59m for the same period of 2007.

Epcor Utilities has reported revenues of C$811m for the fourth quarter ended December 31, 2008, compared to C$969m for the same period of 2007.

Investment in capital projects and business acquisitions for the three months ended December 31, 2008 was $282m compared with $168m for the same period in the previous year.

Epcor Utilities has reported a net income of C$175m for the year ended December 31, 2008, compared to C$277m for the year 2007.

The company has reported total revenues of C$3.4 billion for the year ended December 31, 2008, compared to C$3.7 billion for the year 2007.

Investment in capital projects and business acquisitions for the year ended December 31, 2008 was $747m compared with $499m for the previous year.

Don Lowry, president and CEO of Epcor Utilities, said: Epcor faced a number of challenges in 2008. The global financial situation contributed to Epcor recording an impairment charge to goodwill related to its investment in Epcor Power. Planned outages of Genesee units 1, 2 and 3 and an unplanned outage at the Genesee-3 unit in the fourth quarter also had a negative effect on net income.