Artesian Resources Corporation, reported no change in earnings in the first half of 2019. Artesian is based in the Stanton-Christiana area south of Newark.
Net income for the first six months of 2019 remained unchanged from the same period in 2018, at $7.4 million. Artesian operates water and sewer systems throughout Delaware. Its water utility accounts for the bulk of its revenues.
Revenues totaled $40 million for the six months ended June 30, up 2.3 percent from the same six month period in 2018.
Water sales revenue increased $600,000 or 1.8 percent, for the six months ended June 30 compared to the same period a year ago, due to customer growth and an increase in consumption and Distribution System Improvement Charge revenue.
Effective January 1, 2019, the distribution charge rate increased from 4.71 percent to 5.55 percent resulting in an increase of $200,000 in DSIC revenue for the six months ended June 30, 2019 compared to the same six month period in 2018.
Approximately $3.8 million was refunded to customers during the second quarter of 2019 related to the impact of the federal tax cut and reduced tariff rates approved by the Delaware Public Service Commission.
Increases in revenue were offset by higher interest, construction and payroll expenses