The Globe and Mail reports in its Friday, Aug. 4, edition that Enbridge on Thursday posted a lower-than-expected
quarterly profit. A Canadian Press dispatch to The Globe reports that Enbridge's second quarter profit
was hurt by outages and production
disruptions in its liquids
pipeline business. The company
said it expects the business to
improve over the rest of the
year, as production and throughput
increases on its mainline system.
Still, quarterly profit more than
tripled, helped partly by the
company's $28-billion purchase
of natural gas pipeline company
Spectra Energy Corp.
Net income attributable to
shareholders rose to $919-million
or 56 Canadian cents a
share in the second quarter ended
June 30. That compared with $301-million or
33 cents a share in the same period a year earlier.
Excluding one-time items, the
company earned 41 cents a
share. Analysts on average had
expected earnings of 48 cents
per share. Enbridge shed a nickel to close Thursday in Toronto at $52.47. The Globe's John Heinzl was keen on Enbridge on April 1. The shares were then going for $55.49.
© 2024 Canjex Publishing Ltd. All rights reserved.