Company News

Kinder Morgan Canada's quarterly profit down 5 pct on lower transported volumes

April 18 (Reuters) - Kinder Morgan Canada Ltd, operator of the Trans Mountain pipeline, reported on Wednesday an 5.1 percent drop in first-quarter profit hurt by a fall in volumes of crude oil and refined products transports.

Kinder Morgan Canada, which was spun off from parent Kinder Morgan Inc in May last year, reported a net income of C$44.4 million ($35.17 million) for the first quarter ended March 31, down from C$46.8 million for the same period last year.

The company, which earlier this month suspended work on its expansion of the Trans Mountain pipeline, moved 289,000 barrels per day (bbl/d) of crude and refined products through the pipeline down from 307,000 (bbl/d) a year earlier.

Texas-based Kinder Morgan separately reported net income available to common stockholders of $485 million, or 22 cents per share, in the quarter to the end of March, compared with $401 million, or 18 cents per share, a year earlier. ($1 = 1.2624 Canadian dollars) (Reporting by Anirban Paul in Bengaluru and Julie Gordon in Vancouver Editing by Lisa Shumaker)