July 30, 2009 / 6:59 PM / 9 years ago

UPDATE 1-TransCanada profit lower on weak power prices

* Net income down 3.1 pct at C$314 million

* Comparable profit up 1 pct, down on EPS basis

* Shares rise 1 pct to C$30,69

Calgary, Alberta, July 30 (Reuters) - Second-quarter profit at TransCanada Corp (TRP.TO) fell 3.1 percent on weak electricity prices in Western Canada, the country’s biggest pipeline and power firm said on Thursday.

TransCanada said it earned C$314 million ($291 million), or 50 Canadian cents a share, down from C$324 million, or 58 Canadian cents, in the second quarter of 2008.

Comparable earnings, which exclude most one-time items, rose 1 percent to C$319 million, or 51 Canadian cents, from C$316 million, or 57 Canadian cents, in the year-prior quarter when the company had fewer shares outstanding.

    The comparable results beat the average analyst profit estimate of 44 Canadian cents a share, according to Reuters Estimates.

    TransCanada is best known for its network of natural-gas pipelines in Canada and the United States and for its power-generation operations, which include its stake in the Bruce nuclear plant in Ontario and New York City’s Ravenswood generating station.

    The company’s revenue rose 5.5 percent to C$2.13 billion.

    TransCanada shares rose 1 percent to C$30.69 on Thursday afternoon on the Toronto Stock Exchange.

    $1=$1.08 Canadian Reporting by Scott Haggett; editing by Rob Wilson

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