Aug 5 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
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)