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Dominion slides into the red



By Upstream staff 

US player Dominion Resources booked a loss for the second quarter due in part to charges related to asset sales and a return to regulated markets in Virginia.

Net loss in the second quarter was $530 million, or $1.52 per share, compared with a year-earlier profit of $161 million, or 46 cents per share.

Excluding special items, the company said it earned $310 million, or 89 cents per share, up from $279 million, or 80 cents per share, a year earlier.

Dominion said it benefited from increased weather-driven sales, higher prices for its natural gas and oil production, and stronger wholesale generation results.

The average forecast of analysts was 87 cents per share, according to Reuters Estimates.

Revenue increased to $3.7 billion from $3.5 billion, said Richmond, Virginia based Dominion.


Wednesday, 01 August, 2007, 12:33 GMT  | last updated: Wednesday, 01 August, 2007, 12:33 GMT

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