TransCanada quarterly profit falls 35 percent

Fri Apr 29, 2016 7:49am EDT
 
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April 29 (Reuters) - TransCanada Corp, the country's No.2 pipeline operator, reported a 35 percent fall in quarterly profit, mainly due to a C$176 million after-tax charge related to its decision to end agreements to buy electricity from coal-fired plants in Alberta.

Net income attributable to shareholders fell to C$252 million ($201 million), or 36 Canadian cents per share, in the first quarter ended March 31, from C$387 million, or 55 Canadian cents, a year earlier.

Comparable earnings, which exclude most one-time items, rose to C$494 million, or 70 Canadian cents per share, from C$465 million, or 66 Canadian cents per share, a year earlier. ($1 = 1.2523 Canadian dollars) (Reporting by Arathy S Nair in Bengaluru and Nia Williams in Calgary; Editing by Shounak Dasgupta)