TORONTO -- Hydro One Ltd. (H.TO) says favourable weather and lower taxes helped boost its fourth-quarter results as it reported a profit of $162 million.

The Ontario power utility says the profit amounted to 27 cents per diluted share for the quarter ended Dec. 31.

That compared with a profit of $155 million or 26 cents per diluted share a year ago.

Revenue for the quarter totalled $1.56 billion, up from $1.44 billion.

On an adjusted basis, Hydro One says it earned 29 cents per diluted share, up form 28 cents per diluted share a year ago.

Analysts on average had expected a profit of 29 cents per share, according to Thomson Reuters Eikon.