DULUTH, Minn., Jan 24 (Reuters) - Allete Inc. , which operates businesses ranging from energy services to auto financing, on Friday said fourth-quarter profit fell about 30 percent, citing a $5 million charge for delayed construction at a power plant.
The Duluth, Minnesota company reported fourth-quarter net income of $18.1 million, or 22 cents a share, down about 29 percent, from $25.5 million, or 31 cents a share, in the year-ago quarter.
Allete, which owns the Minnesota Power utility, said operating revenue rose to $366.3 million, up from $360.5 million in the prior-year quarter.
Shares of Allete closed Thursday trade on the New York Stock Exchange at $20.10. During the quarter, they rose 5 percent, underperforming the benchmark Standard & Poor's 500 index which increased nearly 8 percent in the same period.