WINNIPEG — Manitoba Hydro’s net income is down as the public utility’s expenses increase and revenues slide.
Hydro reported a $49 million net income for the fiscal year ending March 31, 2016. That’s down from $136 million in 2014-15.
The Crown corporation’s consolidated net income was comprised of $37 million from the electricity sector, a $1 million net loss from the natural gas sector, $9 million from subsidiaries and $4 million related to adjustments required to harmonize accounting policies between electric and gas operations.
Hydro says a milder Manitoba winter contributed to lower revenues in both the electricity and natural gas segments.
Overall revenue was $2.26 billion, a decrease of $58 million compared to the previous fiscal year.
Read Manitoba Hydro’s annual report below: