Boston utility parent NStar — the proposed partner in Northeast Utilities’ merger — saw its 2011 earnings drop 24 percent over the previous year, even as the company increased its revenues.
NStar’s said Friday net income for last year was $269 million, or $2.59 per share, compared to $353 million, or $3.35 per share, Â in 2010.
The utility actually increased its 2011 revenues — $2.93 billion compared to $2.92 billion — but trailed in net income because NStar’s bottom line in 2010 was bolstered by the $110 million sale of its district energy operations.
NStar’s fourth quarter earnings were $55.2 million, or 53 cents per share, up from $51.3, or 49 cents per share, in the fourth quarter 2010.
NStar and Hartford-based NU proposed a $4.7 billion merger in October 2010, which would create New England’s largest utility parent company with six electric and natural subsidiaries. The companies still need approval from regulators in Connecticut and Massachusetts, setting an April 16 deadline for the merger to be completed.
Since announcing the merger, NStar has incurred $12.4 million in merger-related costs.
