By St. Louis Business Journal

The Laclede Group Inc. reported a $63.8 million profit for its fiscal 2011 ended Sept. 30 â¿¿ the third-highest in the companyâ¿¿s history and up 18 percent from $54 million for fiscal 2010.

Operating revenue in 2011 dipped to $1.6 billion, down from $1.7 billion in 2010.

For the fourth quarter ended Sept. 30, Laclede Group (NYSE: LG) lost $2.8 million, compared to a loss of $1.6 million for the same quarter of 2010. The St. Louis-based company's core utility subsidiary, Laclede Gas, typically experiences losses in its fiscal fourth quarter due to lower gas usage by utility customers during the summer months, the company said.

Laclede Group's fourth-quarter operating revenue fell to $271 million from $284 million a year earlier.

Laclede Gas reported $53.8 million in net income for the fiscal year, a $14.1 million increase over 2010, reflecting a rate increase that went into effect Sept. 1, 2010, and higher earnings from non-regulated sales of propane inventories no longer required to serve utility customers.

Laclede Group CEO Douglas Yaeger will be succeeded by Suzanne Sitherwood on Feb. 1, 2012.

Copyright 2011 American City Business Journals
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