Enbridge Inc, Canada's largest pipeline company, reported a higher-than-expected rise in quarterly adjusted profit, helped by increased throughput as producers moved more oil by pipes than on rail.
The company, whose Mainline system moves the bulk of Canadian crude exports to the United States, added further capacity over the last 12 months to meet demand.
Mainline shipped an average of 2.07 million barrels per day (bpd) in the second quarter ended June 30, compared with 1.97 million bpd a year earlier.
The company, which has been shielded from a slump in global crude prices because of its fee-based contracts, is currently in the midst of a C$44 billion growth program to fund new projects.
Enbridge said on July 31 it had completed projects worth about C$3 billion so far this year and expects to complete projects worth another C$5 billion by the end of 2015.
The Calgary-based company's adjusted earnings rose 54 percent to C$505 million ($387 million), or 60 Canadian cents per share in the quarter.
That was much higher than analysts average estimate of 47 Canadian cents, according to Thomson Reuters I/B/E/S.
However, net income attributable to shareholders dropped nearly 24 percent to C$577 million, hurt by a C$440 million goodwill impairment charge.
Enbridge said on July 31 additional testing on its Line 9 pipeline - a 639-km line to carry Western Canadian crude to Quebec - would be completed by the end of the year. Canada's energy regulator had ordered the tests in June to ensure the pipeline would not leak.
Enbridge shares had fallen nearly 6 percent this year through July 30's close of C$56.29 on the Toronto Stock Exchange. ($1 = C$1.3036)
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