Enbridge profit rises as crude pipeline volumes increase

Wed Nov 6, 2013 8:22pm IST

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Nov 6 (Reuters) - Enbridge Inc, Canada's largest pipeline company, on Wednesday reported higher third-quarter earnings, with increased volumes on its crude pipelines offsetting higher costs.

Excluding one-time items, profit rose 4 percent to C$278 million, or 34 Canadian cents per share, from C$267 million, or 34 Canadian cents a share, a year earlier.

Analysts on average were expecting 35 Canadian cents per share, according to Thomson Reuters I/B/E/S. Shares of the Calgary-based company were relatively flat shortly after the market opened on Wednesday, trading down 1 Canadian cent at C$45.79 in Toronto.

Net income attributable to common shareholders, impacted by unrealized derivative gains or losses, more than doubled to C$421 million, or 51 Canadian cents per share, from C$187 million, or 24 Canadian cents per share.

Enbridge's pipelines carry the bulk of the oil transported each day from Canada to the United States. The company is in the process of expanding its network of pipelines as output increases from Alberta's oil sands.

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