Tuesday, May 8, 2012 - 5:36pm
Artesian Resources says 2012 1Q earnings up
Artesian Resources says its earnings for the first quarter of 2012 are up significantly compared to the first quarter of last year.
The water company Tuesday reported earnings of 16 point 7 million dollars for the first three months of 2012, up more than 13 percent compared to 2011's first quarter.
Net income was 2 and a half million, compared to 1 million in the first quarter of last year.
The income hike was due to higher revenue from water sales and lower operating expenses.
The company traces its sales increase to last year's addition of almost 2 thousand new customers in Delaware and Cecil County, Maryland, and the revenue increase to a water rate hike approved by the Public Service Commission.
Artesian says it trimmed operating expenses through prudent financial management.
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