May 8, 2009 / 4:55 PM / in 9 years

UPDATE 1-Gaz Metro Q2 profit beats Street

* Q2 adj profit/unit C$0.99 vs. est C$0.89

* Revenue up 5 pct

May 8 (Reuters) - Canadian natural gas provider Gaz Metro L.P GZM_u.TO posted a better-than-expected second-quarter profit, helped by a new method for calculating returns and Energy Services unit.

During the second quarter, National Energy Board granted the request of the company’s 50 percent-owned Trans Quebec & Maritimes Pipeline Inc. for a new methodology to determine its return on capital and transportation rates.

For the second quarter, the company reported net income of C$119 million ($101.9 million), or 98 Canadian cents per unit, compared with C$120.1 million, or C$1 per unit, in the year-ago quarter.

Excluding items, adjusted net income was C$119.6 million, or 99 Canadian cents per unit.

Analysts, on average, were expecting the company to earn 89 Canadian cents per unit for the second quarter, according to Reuters Estimates.

Revenue rose 5 percent to C$855.3 million, driven by rate increases in various markets.

Gaz Metro units were up 12 Canadian cents at C$14.80 on the Toronto Stock Exchange. ($1=1.168 Canadian Dollar) (Reporting by R. Manikandan in Bangalore; Editing by Jarshad Kakkrakandy)

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