NW Natural reported gas storage contributed net income of $2.5 million in the second quarter of 2008, compared to $2.7 million in the same quarter of 2007. Other non-utility activities resulted in net income for the 2008 quarter of $1.5 million, compared to a small gain in 2007, due mainly to the sale of a non-core investment in the 2008 period.
For the six-month period, net income was $46.5 million, or $1.75 per share, a 6% decrease compared to $50.7 million, or $1.86 per share for the same period of 2007.
The company reported gas storage contributed net income of $4.9 million in the six-month period, compared to $4.5 million in the same period of 2007. Other non-utility activities resulted in net income of $1.8 million, compared to $0.2 million in 2007.
Mark Dodson, CEO of NW Natural, said: Our improved financial performance in the quarter was primarily due to the gain on the sale of a non-core asset in the period and relatively strong results from our utility and gas storage operations. These factors helped offset commodity cost losses under our regulatory sharing mechanism.
