(Toronto) Hydro One on Wednesday reported second-quarter profit up 4% from a year ago.

The electricity supplier specifies that the net profit attributable to shareholders amounted to 265 million, compared to 255 million a year ago.

Its quarterly revenue rose 1% to 1.86 billion.

Earnings were 44 cents per share, down from 42 cents per share a year ago.

Hydro One cited higher transmission costs and lower asset removal costs in 2023, due to fewer storm-related repairs. However, operating and maintenance costs were on the rise.

Finally, Hydro One started construction during the quarter of a transmission line between its Chatham-Kent switching station and the municipality of Lakeshore, in the south-west of the province, in order to supply the manufacturing and agri-food sectors.