UPDATE 1-Enbridge Q2 profit beats market estimates

Fri Aug 5, 2011 7:32am EDT

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Aug 5 (Reuters) - Canada's No.2 pipeline company Enbridge Inc's second-quarter profit nearly doubled, surpassing analysts' expectations, helped by higher volumes of oil transported through its pipelines.

April-June net income was C$259 million ($265.6 million), or 34 Canadian cents per share, up from C$138 million, or 18 Canadian cents, last year.

Adjusted profit rose to C$260 million, or 35 Canadian cents, from C$232 million, or 31 Canadian cents, in the year-prior quarter.

Analysts, on average, were expecting a profit of 33 Canadian cents a share, according to Thomson Reuters I/B/E/S.

"During the second quarter we continued to run slightly ahead of our original expectations and the outlook for the full year is now trending toward the upper half of our adjusted earnings per share guidance range of $1.38 to $1.48," Chief Executive Patrick Daniel said in a statement.

Enbridge, whose lines carry the lion's share of Canadian oil exports to the United States, is also looking to build the C$5.5 billion Northern Gateway project, which would take oil from the Alberta tar sands to a tanker port on British Columbia's coast for export to Asian and U.S. Pacific coast refineries. ($1 = 0.975 Canadian Dollars) (Reporting by Aftab Ahmed in Bangalore; Editing by Viraj Nair)

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