October 17, 2018 / 8:32 PM / a month ago

Kinder Morgan Canada's profit surges on TransMountain sale

Steel pipe to be used in the oil pipeline construction of Kinder Morgan Canada's Trans Mountain Expansion Project sit on rail cars at a stockpile site in Kamloops, British Columbia, Canada May 29, 2018. REUTERS/Dennis Owen

(Reuters) - Kinder Morgan Canada Ltd’s third-quarter profit surged as it recorded a one-time gain of C$1.31 billion from the sale of its TransMountain pipeline.

The company said on Wednesday it expects to return about C$1.2 billion ($921.5 million) or C$11.40 per restricted voting share from the sale to its shareholders.

Its parent, U.S.-based Kinder Morgan Inc, closed the sale of the controversial Trans Mountain pipeline to the Canadian government for C$4.5 billion in August.

Kinder Morgan Canada said net income rose to C$1.35 billion in the three months ended Sept. 30, from C$42.4 million, a year earlier.

On a per-share basis, net income from continuing operations rose to 5 Canadian cents from 2 Canadian cents.

Its revenue rose nearly 10 percent to C$94.3 million.

Separately, Kinder Morgan Inc reported a third-quarter profit of $1 billion, up from $387 million, a year ago.

Reporting by Debroop Roy in Bengaluru

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