Reuters: Regulatory News: UPDATE 1-TransCanada's profit falls after plant outages

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UPDATE 1-TransCanada's profit falls after plant outages Oct 30th 2012, 13:53 Tue Oct 30, 2012 9:53am EDT Oct 30 (Reuters) - TransCanada Corp, operator of the 590,000-barrel-per day Keystone pipeline from Canada to the United States, reported a 4 percent drop in quarterly profit due to power plant outages and lower revenue from its Canadian Mainline pipeline. Net income fell to C$369 million, or 52 Canadian cents per share, in the third quarter, from C$384 million, or 55 Canadian cents per share, a year earlier. Comparable earnings, which exclude most one-time items, fell 16 percent to C$349 million, or 50 Canadian cents per share. Revenue fell 4 percent to C$2.13 billion. Revenue for Canadian Mainline, a 14,101 km natural gas pipeline, fell 6 percent to C$247 million in the quarter. Canada's largest pipeline company said it expects to complete projects worth C$13 billion, including Keystone XL and the Gulf Coast project, within the next three years. The company plans to build the controversial Keystone XL pipeline to carry oil sands crude to U.S. Gulf coast refineries. TransCanada on Monday said it will build a C$3 billion pipeline in northern Alberta in partnership with Phoenix Energy to transport crude from the Athabasca oilsands. Link this Share this Digg this Email Reprints

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