Connecticut Water Service Inc. nearly doubled its first-quarter profit as increased revenues from higher water rates and cost-cutting that boosted the Clinton utility’s operating efficiency.
The state’s largest water utility earned $2.3 million, or 23 cents a share, in three months ended March 31, up from $1.2 million, or 14 cents a share, the same quarter last year.
First-quarter revenues rose to $17.5 million from $15.2 million a year ago.
Chairman and CEO Eric W. Thornburg said the bulk of the increased income was largely the result of new rates state utility regulators gratned Connecticut Water last July.
The company provides drinking water to approximately 90,000 customers, or 300,000 people, in 55 towns throughout Connecticut.
Connecticut Water’s shares were up 19 cents to $25.06 in early trading Monday.
