Duke Energy 4th quarter profit rises 5 percent

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Associated Press

Posted on February 12, 2010 at 4:02 PM

CHARLOTTE, N.C. (AP) — Power company Duke Energy says its fourth-quarter profit edged higher as cost cuts offset continued weak demand for electricity.

Duke said Friday that it made $346 million, or 26 cents per share, for the quarter ended Dec. 31 compared with profit of $331 million, or 26 cents per share, in the year ago-quarter. Revenue was flat at $3.1 billion.

Duke, based in Charlotte, N.C., said demand for electricity from industrial customers declined by less than 5 percent — another sign that the economy is beginning to stabilize.

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