May 10, 2010 | last updated May 29, 2012 7:23 pm

CT Water's 1Q profit falls

Connecticut Water Service Inc. said first quarter profit fell 6.5 percent, reflecting the Clinton water utility's need for higher water rates.

The fresh water-provider to 55 Connecticut communities in the three months ended March 31 earned $1.1 million, or 12 cents a share, down from $1.14 million, or 13 cents a share, a year earlier.

Revenues in the period grew, however, to $15.2 million from $14.7 million a year ago.

Connecticut Water has a $19.5 million rate increase pending before state utility regulators.

CEO Eric W. Thornburg said the utility's pinched earnings and flat revenue reinforce the need for the first rate relief in three years. Thornburg said it was primarily through a tightened grip on operating and maintenance costs that it posted the results it did.

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