Utility owner Duke Energy Corp. (DUK) announced that third-quarter profits surged over last years, which included a substantial charge on the sale of Duke Energy North America's business outside of the Midwest.
A year ago net income after paying preferred dividends and a loss of $883 million, from discounted operations, was $38 million compared to this years profit of $763 million.
Duke remains in the midst of absorbing its April acquisition of Cincinnati-based utility owner Cinergy, while preparing for the spinoff of its natural-gas pipeline and processing units, which will occur in early 2007.
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