April 26, 2012 / 12:57 PM / 6 years ago

UPDATE 1-AltaGas profit up on gas, power businesses

April 26 (Reuters) - Energy infrastructure company AltaGas Ltd reported a 55 percent rise in first-quarter profit, helped by strong volumes in its gas business and hedging gains at its power unit.

Net income applicable to common shareholders rose to C$41.3 million ($41.9 million), or 45 Canadian cents per share, from C$26.7 million, or 32 Canadian cents per share, a year ago.

Revenue for the company — which is involved in natural gas extraction and transmission, energy services and power generation — fell 2 percent to C$376.5 million.

AltaGas said in February it was buying privately held Continental Energy Systems LLC’s Semco Energy Inc unit, adding natural-gas distribution and storage assets in Michigan and Alaska to its Canadian distribution and gas-processing businesses.

“The year ahead will be busy, with almost C$500 million in new gas assets, C$90 million in new power assets, the acquisition of Semco,” Chief Executive David Cornhill said.

“These additions are expected to add over C$200 million in EBITDA on an annualized basis,” Cornhill said.

AltaGas, whose assets are in Canada and the northern and western United States, has natural gas distribution utilities in Alberta, British Columbia, Nova Scotia and the Northwest Territories.

Its power unit includes assets in conventional power generation in Alberta and renewable power generation in British Columbia, Michigan and North Carolina.

Shares of the Calgary, Alberta-based company, which has a market value of about C$2.75 billion, closed at C$30.63 on Wednesday on the Toronto Stock Exchange.

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