UPDATE 1-Fortis Q3 net profit falls 27 pct

* Q3 EPS C$0.21 vs C$0.31 year-ago

* Revenue falls 9 pct

Nov 5 (Reuters) - Canadian gas and power utility Fortis Inc (FTS.TO) said on Thursday its third-quarter net profit fell 27 percent, as the year-earlier period saw one-time tax reductions of C$12 million at Terasen and FortisAlberta units.

The company, which has operations in eastern Canada, British Columbia and the Caribbean, reported net earnings applicable to common shares of C$36 million, or 21 Canadian cents a share, compared with C$49 million, or 31 Canadian cents a share, a year earlier.

Revenue fell 9 percent to C$664 million.

Analysts on average were expecting earnings of 21 Canadian cents a share, before special items, on revenue of C$713.8 million, according to Thomson Reuters I/B/E/S.

Fortis shares closed at C$25.40 Wednesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Mike Miller)