NV Energy reports lower year-end profit in 2011

LAS VEGAS (AP) - NV Energy Inc. says cost controls will be a priority during the new fiscal year, after reporting net income of $163.4 million, or 69 cents per share, for 2011.

The year-end figure reported Tuesday compared with net income of $227 million, or 96 cents per share, for fiscal 2010. Revenue was down from $3.3 billion in 2010 to $2.9 billion in the year ending Dec. 31.

Company losses of $25.2 million, or 11 cents a share, in the fourth quarter were down from a net quarterly income of $14.2 million, or 6 cents a share, a year earlier.

Company chief executive Michael Yackira says fourth-quarter earnings were affected by completion of a Harry Allen power plant expansion near Las Vegas, the timing of power plant outages and several accounting adjustments.