For the six months ended June 30, 2004, Hydro-Québec posted net income of $1,475 million, compared with $1,327 million for the first six months of 2003. This increase arises mainly from the sale of the company’s stake in Noverco on June 30 and the reduction in financial expenses. These two factors offset the $506-million decrease in operating income, which amounted to $2,208 million for the first six months of the year. The decline in our operating income is the result of a reduction in short-term electricity sales outside Québec and an increase in purchases of electricity and fuel.

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