THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Saturday, January 25, 1997 TAG: 9701250308
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: STAFF REPORT
LENGTH: 22 lines
Richmond-based Dominion Resources Inc. reported 12-month operating earnings for the period ending Dec. 12 of $2.98 a share, up 7 cents a share from 1995.
Its subsidiary, Virginia Power, earned $2.70 a share from operations in 1996, up 2 cents from the previous year.
Dominion Resources' nonutility businesses earned 28 cents a share in 1996, up 5 cents from the year before.
Operating earnings for 1996 were dampened by extra costs to Virginia Power, including service restoration charges of nearly $21 million, or 7 cents a share, from summer storms. But Dominion Resources' earnings got a boost from a 22 percent jump in nonutility operating earnings, owing mostly to increased income from Dominion Capital Inc., a financial services and real estate concern. Dominion Resources' reported net income for 1996 was $472.1 million on operating revenues and other income of $4.84 billion.