Archive for Wednesday, May 10, 2006

Westar profits rise 73 percent

May 10, 2006


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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