July 27, 2012 / 12:52 PM / in 5 years

REFILE-TransCanada profit falls on weak natural gas prices

July 27 (Reuters) - TransCanada Corp, which is seeking to build the controversial Keystone XL pipeline, reported a 23 percent fall in second-quarter profit on low natural gas prices.

Net income attributable to shareholders of Canada’s biggest pipeline company fell to C$272 million, or 39 Canadian cents per share, from C$353 million, or 50 Canadian cents per share, a year earlier.

Comparable earnings, which exclude most one-time items, fell to C$300 million, or 43 Canadian cents per share, from C$355 million, or 51 Canadian cents p e r share, in the year-ago period.

Revenue for the company rose slightly to C$1.81 billion.

In April-June quarter, natural gas prices have fallen 46 percent from last year to average $2.4 per million British thermal unit.

TransCanada said earlier on Friday it received the final permit needed for its Gulf Coast project, clearing the way for construction to begin in the coming weeks.

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