Thirsty Mainers drove Connecticut Water Service Co.'s first-quarter revenues higher, but extra depreciation and debt expenses tied to its recent acquisition in the Pine Tree State swallowed some of the Clinton utility's profitability.
For three months ended March 31, CT Water said Thursday it netted $1.6 million, or 18 cents a share, down from $2.1 million, or 24 cents a share, a year ago.
On Jan. 1, the utility bought former Aqua Maine from Aqua America Inc. for about $36 million, plus the assumption of $17.7 million in debt.
CT Water said Aqua Maine's sales to 16,000 customers contributed income of $355,000, or 4 cents a share.
First-quarter revenues rose to $18.9 million vs. $16.3 million last year, with Aqua Maine accounting for all the extra revenue and offsetting a quarterly decline in Connecticut water sales, Chairman and CEO Eric Thornburg said in a statement.