Middlesex Water Company (MSEX) has reported 29.39 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $3.22 million, or $0.19 a share in the quarter, compared with $4.56 million, or $0.28 a share for the same period last year. Revenue during the quarter went up marginally by 2.86 percent to $31.81 million from $30.92 million in the previous year period. Total expenses were 75.33 percent of quarterly revenues, up from 72.64 percent for the same period last year. That has resulted in a contraction of 269 basis points in operating margin to 24.67 percent.
Operating income for the quarter was $7.85 million, compared with $8.46 million in the previous year period.
Middlesex president and chief executive officer Dennis W. Doll said, "Our employees continued to deliver for our customers and shareholders in 2016 through a number of operational improvements, enhanced service quality, a heightened focus on our asset management program and customer growth. As we enter our 120th year in business, Middlesex Water is focused on implementing various infrastructure investments that will help ensure safe drinking water now and well into the future."
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