San Diego Gas & Electric Co.’s net...

San Diego Gas & Electric Co.’s net income fell to $36.9 million for the second quarter ended June 30, down from $40 million a year ago. SGD&E; linked the decline to increased operating expenses and a state Public Utilities Commission ruling that lowered SDG&E;’s allowable return on equity. Second-quarter revenue rose by 8.5%, to $494.4 million, from $455.6 million a year ago.

Net income for the first half of 1988 fell to $86.7 million, down from $89.4 million. Revenue for the first half rose by 11% to $1 billion, from $898 million a year ago.