May 10, 2011 / 8:59 PM / 6 years ago

UPDATE 1-Keyera Q1 profit surges on higher oil sands activity

* Q1 EPS C$1.21 vs C$0.42 year ago

* Sees 2011 capital investment of C$100-C$130 mln

* Raises monthly dividend by a cent to C$0.16 a share

* Names David Smith new president, COO (Follows alerts)

May 10 (Reuters) - Keyera Corp ’s first-quarter profit tripled, as the Canadian natural gas company gained from increased activity at its gas plants and a ramp-up of oil sands developments in Alberta.

The company increased its monthly dividend by a cent to 16 Canadian cents a share, beginning with its dividend paid on April 15.

January-March earnings rose to C$84.7 million, or C$1.21 per basic share, from C$27.7 million, or 42 Canadian cents a share, a year ago.

The company expects to spend C$100-C$130 million in 2011, excluding acquisitions, it said in a statement.

Keyera also named David Smith as president and chief operating officer. Smith is a founding member of the company and has held a variety of senior positions in it, it said.

Shares of the Calgary-based company closed at C$39.50 on Tuesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Joyjeet Das)

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