KANSAS CITY, Mo. (AP) - Utility operator Aquila Inc. said Thursday it swung to a fourth-quarter profit -- despite falling sales -- primarily on an income tax benefit.
The company reported a profit of $64.3 million, or 17 cents per share, compared with a loss of $127.8 million, or 35 cents per share, during the same period a year ago.
The current quarter's results included a $56.9 million income tax benefit from applying estimated capital gains on the sale of its Minnesota gas utility business against capital loss carryforwards. It also had another tax benefit related to the apportionment of state operating loss carryforwards.
Total operating costs dropped to $90.9 million from $101.3 million.
Quarterly revenue declined 15 percent to $339 million from $397.7 million on lower natural gas prices and warmer winter weather.
Aquila saw a full-year 2006 profit of $23.9 million, or 6 cents per share, compared with a loss of $230 million, or 60 cents per share, in 2005.
Revenue for the year edged up 5 percent to $1.37 billion versus $1.31 billion in the prior year.
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