Clinton water utility Connecticut Water Service Inc. said its 2015 profits grew by 7 percent thanks to its recovery of infrastructure investment and lower incomes taxes.
The company earned of $22.8 million, or $2.07 per share in 2015, compared to $21.3 million, or $1.95 per share, a year earlier.
Revenues grew to $103.1 million in 2015, from $101.5 million in 2014.
Activity in Connecticut and Maine helped drive the company’s profits.
In Maine, a combination of revenue growth from recovery of infrastructure investment and a general rate increase for the Biddeford and Saco Division of The Maine Water Co. improved its financial performance.
In Connecticut, recovery of continued investment in infrastructure and lower incomes taxes resulted in income growth, the company said.
