Company News

Kinder Morgan Canada profit up, slower start for pipe expansion

CALGARY, Alberta, Oct 18 (Reuters) - Kinder Morgan Canada Ltd’s $7.4 billion ($5.9 billion) Trans Mountain pipeline expansion has seen a delay in construction preparation, the company said on Wednesday as it posted a bigger quarterly profit.

The unspecified delay was due to the time necessary to secure permits, but the December 2019 date for shipping oil on the expansion remains, said the company, a unit of Houston-based Kinder Morgan Inc.

Kinder Morgan Canada reported a net income of C$42.4 million, or 11 cents per share, in the third quarter ended Sept. 30, up from C$20.3 million for the same period last year.

$1 = 1.2455 Canadian dollars Reporting by Ethan Lou; Editing by Sandra Maler