April 27, 2012 / 1:07 PM / 5 years ago

TransCanada profit falls on low natural gas prices

April 27 (Reuters) - TransCanada Corp, Canada’s biggest pipeline company, reported a 14 percent drop in first-quarter profit due mainly to a very warm winter and abysmally low natural gas prices.

TransCanada, which is involved in building the southern leg of the Canada-to-Texas Keystone XL oil pipeline, said net income attributable to common shares fell to C$352 million, or 50 Canadian cents per share, from C$411 million, or 59 Canadian cents per share, a year ago.

The company said comparable earnings, which exclude most one-time items, fell to C$363 million, or 52 Canadian cents per share, from C$423 million, or 61 Canadian cents per share, in the year-ago period.

Revenue rose 2 percent to C$1.91 billion.

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