TORONTO — Hydro One Ltd. topped expectations as it reported a fourth-quarter profit compared with a loss a year ago when it was hit by an Ontario Energy Board decision on a deferred tax asset.

The power utility says its profit attributable to common shareholders amounted to $211 million or 35 cents per diluted share for the quarter ended Dec. 31.

The result compared with a loss attributable to common shareholders of $705 million of $1.18 per diluted share in the same period in 2018 when it took an $867-million charge related to the tax asset decision.

Revenue totalled nearly $1.72 billion, up from $1.49 billion.

On an adjusted basis, Hydro One says it earned 35 cents per diluted share in its most recent quarter compared with an adjusted profit of 29 cents per diluted share in the fourth quarter of 2018.

Analysts on average had expected an adjusted profit of 31 cents per share and revenue of $1.58 billion for the quarter, according to financial markets data firm Refinitiv.

This report by The Canadian was first published Feb. 12, 2020.

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