Algonquin Power & Utilities logged a lower profit in the second quarter as wildfire-related costs and write-offs weighed on its regulated services business.

The regulated utility company on Friday posted a decline in net income to $4.9 million, or 1 cent a share, down from $14.8 million, or 4 cents a share, in the comparable quarter a year ago.

Net earnings from its regulated services fell to $30 million from $43.9 million, largely due to wildfire insurance expenses and write-offs in the quarter. Earnings from its hydro group also declined to $3.1 million from $8.9 million. For its corporate group, its losses narrowed to $28.2 million from a loss of $38 million.

Adjusted earnings were 4 cents a share. According to FactSet, analysts were expecting 3 cents a share.

Algonquin Power is in the midst of its "Back to Basics" strategy designed to transform the company into a pure-play regulated utility. Following the divestiture of its non-hydro renewable energy, Algonquin is working to streamline operations around core rate-base growth, and plans to redomicile to the U.S. from Canada to match its predominantly American operational footprint.