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MENAFN - 16/02/2013

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(MENAFN) Ohio-based American Electric Power (AEP) reported lower fourth-quarter profits on some special costs for the utility, AP reported.

The utility company said it made USD21 million net profit during the fourth quarter of 2012, down from USD308 million a year earlier. Revenue increased to USD3.6 billion from USD3.4 billion.

AEP tied its weaker quarterly results were impacted by impairments tied to an Ohio plant, restructuring charges and other one-time items.

President and CEO Nicholas Akins said the company struggled with sluggish demand during the quarter and customers switching to different suppliers.

For full-2012, the company said it made USD1.26 billion net profit on the back of USD15.1 billion in revenue.

 






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