Higher natural gas and maintenance costs ate into UIL Holdings’ second quarter profits, the New Haven parent of United Illuminating Co., Connecticut Natural Gas Corp., and Southern Connecticut Gas Co. reported.
UIL booked profits of $9.3 million, or 16 cents per diluted share, for the quarter ended June 30. That was down from $17.9 million, or 35 cents, in the same quarter of 2013.
The decrease came despite revenue growth of $15.7 million, or 5 percent, to $334.8 million. Operating costs grew by $22.7 million, wiping out the gains.
The recent quarter included $5 million in acquisition expenses related to UIL’s pursuit of Philadelphia Gas Works, which it wants to buy for $1.86 billion. The deal with the city-owned PGW, announced in March, has been slow going.
UIL could have backed out of its initial agreement with PGW last month, but chose not to.
UIL CEO James P. Torgerson said in a statement Wednesday the Philadelphia City Council is waiting for an independent consultant’s evaluation.
“We believe the city council will continue with its process once it reconvenes in September,” Torgerson said in a statement.
