MONTREAL – Hydro-Québec saw a $96-million increase in profits in 2011 despite a $114-million drop in gross revenue from energy exports, the utility said Wednesday.

Net income for the year was $2.61 billion, up from almost $2.52 billion in 2010.

“Hydro-Québec’s profitability grew significantly in 2011,” CEO Thierry Vandal said. “We are very proud of this performance, which is the result of rigorous management and the commitment of all our employees.”

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