Company News

Kinder Morgan Canada posts higher quarterly profit

Jan 17 (Reuters) - Kinder Morgan Canada Ltd is still pursuing a “primarily permiting” strategy on its Trans Mountain pipeline expansion, the company said, and also reported a rise in fourth-quarter profit on Wednesday.

Kinder Morgan Canada reported a net income of C$46.4 million ($37.3 million) for the fourth quarter ended Dec. 31, up from C$17.8 million for the same period last year.

Last month, Canada’s energy regulator ruled in favor of the company’s appeal to sidestep some municipal permits for the pipeline, marking a major victory for the C$7.4 billion project.

Kinder Morgan Canada was spun off from parent Kinder Morgan in May last year. ($1 = C$1.2426) (Reporting by John Benny in Bengaluru; Editing by Savio D’Souza)