CT Water 4Q profit dips

Connecticut Water Service Inc. saw a drop in fourth-quarter profits but a real estate deal with Windsor Locks enabled the Clinton water utility to post higher earnings for 2009.

The utility earned $1 million, or 13 cents a share, on $14.2 million in revenues in the three months ended Dec. 31, 2009. That compares to earnings of $1.9 million, or 23 cents a share, on $14.6 million in revenue the same period a year earlier.

For 2009, Connecticut Water earned $10.2 million, or $1.20 a share, up from $9.4 million, or $1.12 a share, in 2008.

Revenues dropped to $59.4 million last year from $61.3 million the previous year.

In 2009, the utility's sale to Windsor Locks of a conservation easement on 200 acres of open space, and a small residential property contributed net income of $1.4 million, or 17 cents a share, the company said.

Connecticut Water filed a rate-hike request in January with state utility regulators. A decision is expected in July.