Clinton-based Connecticut Water Services Inc. reported Monday flat earnings for the second quarter as the regional water utility’s double-digit revenue increases were offset by interest and debt expenses.
Connecticut Water’s net income for the quarter ended June 30 was $2.3 million, or 28 cents per share, compared to $2.3 million or 27 cents per share in the year ago period.
Total revenue from its three business segments — water activities, services and rentals, and real estate — grew $784,000, or 5 percent, in the quarter to $17.5 million.
That increase, however, was offset by a $353,000, or 32 percent increase in interest and debt expenses, related to a long-term financing completed at the end of 2009.
Connecticut Water also saw its income tax and depreciation expenses increase by 25 percent, or $565,000.
Connecticut Water is the largest publicly traded water company based in New England, providing drinking water to nearly 90,000 customers, or about 300,000 people, in 55 towns throughout Connecticut.
