February 15, 2012 / 7:23 PM / in 6 years

CORRECTED-UPDATE 1-Pembina Pipeline profit falls on higher costs

Feb 15 (Reuters) - Pembina Pipeline Corp reported an 18 percent fall in fourth-quarter profit hurt by higher costs.

Pembina earned C$45 million, or 27 Canadian cents a share, down from C$55.2 million, or 34 Canadian cents a share, a year earlier.

The company, which operates several conduits that transport crude oil and gas liquids to major pipeline hubs, storage facilities and refineries, said revenue, net of product purchases, rose 24 percent to C$159.8 million.

The company said its operating margins were hurt by higher operating expenses and power costs during the quarter.

The Calgary-based company said it plans to raise its monthly dividend 3.8 percent to 13.5 Canadian cents per share once it completes the acquisition of Provident Energy.

Pembina shares were slightly up at C$28.52 on Wednesday on the Toronto Stock Exchange.

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