July 28, 2011 / 12:42 PM / in 6 years

UPDATE 1-AltaGas Q2 profit falls 41 pct on volumes,power prices

* Q2 EPS C$0.20 vs C$0.35

* Q2 rev rises 10 pct to C$368.1 mln (Follows alerts)

July 28 (Reuters) - Canada’s AltaGas Ltd posted a 41 percent drop in second quarter profit on Thursday, hurt partly by lower than expected processing volumes and weaker power prices in Alberta.

The company, which is involved in natural gas extraction and transmission, energy services and power generation, reported net income of C$16.6 million or 20 Canadian cents per unit, compared with C$28.4 million, or 35 Canadian cents a unit in the year-ago period.

Revenue rose 10 percent to C$368.1 million.

Shares of the company closed at C$26.59 Wednesday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore)

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