AKRON — Power company FirstEnergy Corp., which owns Toledo Edison, said yesterday its profit was halved in the third quarter as a weak economy coupled with a mild summer hurt demand for electricity.
FirstEnergy earned $230 million, or 77 cents a share, compared with profit of $471 million, or $1.54 ashare, in the year -go quarter. Revenue fell to $3.4 billion from $3.9 billion.
Like other utilities, FirstEnergy has been hurt by slumping demand for electricity during the recession, particularly among industrial customers. FirstEnergy said industrial sales fell 16 percent during the quarter, primarily because of lower consumption by steel and automotive customers.