Enbridge profit rises as crude pipeline volumes increase

Wed Nov 6, 2013 8:22pm IST

Related Topics

Stocks

   

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.

FILED UNDER:

Religion and Politics

REUTERS SHOWCASE

Fund Raising

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Reuters Exclusive

Reuters Exclusive

India looks to sway Americans with nuclear power insurance plan  Full Article 

To Boost Growth

To Boost Growth

Crank up public spending to revive growth - chief economic adviser.   Full Article 

Bold Steps

Bold Steps

SpiceJet rescue plan marks bold bet on Indian aviation recovery.   Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Online Sales

Online Sales

Knock knock. Who's there? Amazon's best-selling holiday author.  Full Article 

Hacking Attack

Hacking Attack

N.Korea says did not hack Sony, wants joint probe with U.S.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage