November 5, 2008 / 1:13 PM / in 9 years

CORRECTED - UPDATE 1-Enbridge quarterly profit nearly doubles

(Corrects percentage in 5th paragraph to 8.6 percent from just under 1 percent)

TORONTO, Nov 5 (Reuters) - Third-quarter profit at Enbridge Inc (ENB.TO) nearly doubled as Canada’s No. 2 pipeline company benefited from one-time gains.

Enbridge said on Wednesday that net income climbed to C$148.4 million ($129 million), or 41 Canadian cents per share, from C$78.1 million, or 22 Canadian cents a share, a year earlier.

Enbridge, which is in the midst of a multibillion-dollar expansion of its North American pipeline network to ship burgeoning supplies of Alberta oil sands crude to U.S. refiners, said its profit was boosted by C$61.4 million in one-time items.

Those included unrealized fair value gains on derivative financial instruments and allowance for equity funds used during construction.

Without the one-time gains, adjusted operating earnings rose by 8.6 percent to C$85.8 million, or 24 Canadian cents a share, from C$79 million, or 22 Canadian cents a share.

The operating result lagged the analysts’ average profit forecast of 26 Canadian cents per share, according to Reuters Estimates.

Enbridge’s revenue rose 66 percent to C$4.37 billion.

The company’s shares have risen 4.7 percent over the past 12 months.

Enbridge said it expected adjusted operating earnings per share for 2008 to be within its previously communicated outlook of C$1.85 to C$1.95. ($1=$1.15 Canadian) (Reporting by John McCrank)

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