The Globe and Mail reports in its Saturday edition that Enbridge on Friday reported a rise in first quarter adjusted profit. A Reuters dispatch to The Globe reports that Enbridge said earnings from its gas transmission and mid-stream business jumped about 19 per cent in the quarter. While global oil prices have declined considerably from peaks hit last year after Russia launched a full-scale invasion of Ukraine, prices are still high enough for companies to produce profitably, boosting demand for pipelines. Enbridge's Mainline system transported 3.1 million barrels per day (bpd) in the first quarter, compared with three million bpd a year earlier. Credit Suisse analyst Andrew Kuske was positive on the results. He said the earnings were largely driven by the core pipeline business and highlight Enbridge's ability to expand its business in an attractive and derisked fashion. However, the company saw a decline in net income in the quarter mainly due to a $638-million hedging loss. First quarter results were in line with expectations. On an adjusted basis, Enbridge reported a profit of $1.73-billion or 85 cents per share, for the three months ended March 31, compared with $1.71-billion, or 84 cents last year.