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Aug 11, 2020

Hydro One reports $1.1B Q2 profit boosted by one-time gain due to court ruling

Power lines run through Hydro One Ltd. transmission towers in Toronto, Ontario, Canada, on Thursday, July 12, 2018.

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TORONTO - Hydro One Ltd. reported a second-quarter profit of $1.1 billion, boosted by a one-time gain related to a court decision.

The power utility says it saw a one-time gain of $867 million in the quarter due to an Ontario court ruling on a deferred tax asset appeal that set aside an Ontario Energy Board decision.

Hydro One says the profit amounted to $1.84 per share for the quarter ended June 30, up from $155 million or 26 cents per share a year earlier.

On an adjusted basis, it says it earned 39 cents per share for the quarter, up from an adjusted profit of 26 cents per share in the same quarter last year.

Revenue totalled $1.67 billion, up from $1.41 billion in the second quarter of 2019.

Hydro One is Ontario's largest electricity transmission and distribution provider.