Pipeline operator Kinder Morgan Canada's profit surges

FILE PHOTO - Helmets line a shelf in a control room at Kinder Morgan's Westridge Terminal on Burrard Inlet in Burnaby, British Columbia, Canada November 17, 2017. REUTERS/Chris Helgren

(Reuters) - Kinder Morgan Canada Ltd KML.TO said on Wednesday its quarterly profit from continuing operations more than doubled as the company benefited from strong performance in its pipeline and terminal business.

Pipeline segment earnings jumped 39 percent to C$13.5 million, led by the Canadian part of the Cochin pipeline, which transports light condensate from the United States to Fort Saskatchewan, Alberta.

Kinder Morgan sold the controversial Trans Mountain pipeline to the Canadian government in August for C$4.5 billion and on Wednesday reiterated that it was looking at all options, including a sale, following that transaction.

Kinder Morgan Inc KMI.N, which holds about 70 percent majority voting interest in Kinder Morgan Canada, has hired investment bank TD Securities TD.TO to facilitate a potential sale of its Canadian business, Reuters reported in September.

The Houston-based company on Wednesday reported fourth-quarter net income available to common stockholders of $483 million, compared with a loss of $1.05 billion a year earlier, due to the overhaul of the U.S. tax code.

Kinder Morgan Canada reported net income from continuing operations of C$40.3 million ($30.4 million) for the fourth quarter ended Dec. 31, up from C$18 million a year earlier. (

Reporting by Shanti S Nair in Bengaluru; Editing by Sriraj Kalluvila