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Archive for Wednesday, May 10, 2006

Westar profits rise 73 percent

May 10, 2006

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Westar Energy Inc., the largest electric utility in Kansas, said Tuesday that its first quarter profits increased 73 percent as income from corporate-owned life insurance offset flat power sales.

For the three months ending March 31, the Topeka-based company said it earned $26.6 million, or 30 cents per share, compared with $15.4 million, or 18 cents per share, during the same quarter a year ago.

Income from retail energy sales increased 2.3 percent to $240 million as wholesale energy income declined 21 percent to $61.6 million as Westar cut back to conserve coal. The company continues to have delivery problems with coal shipments from Wyoming.

Corporate-owned life insurance provided $9.6 million in revenue.

Westar has a coal-fired electric plant in Lawrence.

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