CALGARY, Alberta, Feb 20 (Reuters) - Enbridge Inc, Canada’s largest pipeline company, said on Friday it returned to profit in the fourth-quarter as new projects entered service.
The company reported net income of C$88 million ($70.5 million), or 10 Canadian cents per share, after a loss of C$271 million, or 33 Canadian cents, in the year-ago period.
Adjusted earnings, which remove most one-time items, rose 13 percent to C$409 million, or 49 Canadian cents, from C$362 million, or 44 Canadian cents, in the year-prior quarter. The result lagged the 53 Canadian-cent average analyst estimate for the measure, according to Thomson Reuters I/B/E/S.
Enbridge is restructuring its operations after late last year announcing it would pay out more of its profits in dividends. It is also pushing billions of dollars worth of pipeline and other assets into affiliated funds and partnerships to improve the cost of funding new projects.
The company said about C$10 billion worth of new projects entered service in 2014 and another C$9 billion is expected to be completed this year.
The company’s revenue rose 6.1 percent to C$8.8 billion, from C$8.29 billion.
Enbridge shares closed at C$61.64 on the Toronto Stock Exchange on Thursday. The shares have risen 32 percent over the past 12 months.
$1 = 1.2491 Canadian dollars Reporting by Scott Haggett; Editing by Christian Plumb