US utility Ameren reports USD374m profit in Q3 

(MENAFN) Missouri-based Ameren Corp. posted a 30 percent increase in quarterly profits due to a noncash change in income tax benefit, the Business Journals reported.

The utility company said it made USD374 million net profit year-on-year. Quarterly revenue dropped 12 percent to USD2 billion on lower electric sales and lower power prices.

Ameren said third-quarter noncash change in income tax benefit, which is related to a first-quarter 2012 Duck Creek Energy Center asset impairment charge, resulted from a requirement to recognize interim period income tax expense using the annual estimated effective rate, and isn't expected to impact full-year 2012 earnings.

Revenue from its electric unit Ameren Missouri declined by 5 percent to USD1.05 billion, while the same from Ameren Illinois dropped 15 percent to USD536 million. Electric revenue for Merchant Generation fell 21 percent to USD382 million.