Connecticut Water Service Inc.’s second-quarter net income grew 52 percent amid rising water revenues for the state’s largest public water utility.
Connecticut Water netted $3.5 million, or 41 cents a share, in the three months ended June 30, up from $2.3 million, or 28 cents a share, netted the same period a year ago.
Second-quarter revenue climbed 7.7 percent to $18.8 million vs. $17.5 million last year.
CEO Eric Thornburg said sales and profits were aided by its 12.7 percent rate increase in its water segment that regulators approved in July 2010, plus steady business in its rentals and services segment.
In July, Connecticut Water announced a $54 million deal to buy one of Maine’s major water companies from Aqua America Inc. in its march to become New England’s largest water company.
