May 6, 2010 / 6:46 PM / 8 years ago

UPDATE 1-Pembina Pipeline's Q1 profit rises on lower expenses

* Q1 EPS C$0.32 vs est C$0.26

* Revenue up 13 pct to C$131.5 mln

* Operating expenses down 13 pct

May 6 (Reuters) - Pembina Pipeline Income Fund PIF_u.TO posted higher-than-expected quarterly earnings, helped by the acquisition of its gas services business and cost cuts in its conventional pipelines segment.

For the first quarter, net income was C$51.1 million ($49.66 million), 32 Canadian cents per unit, compared with C$28.3 million, or 21 Canadian cents per unit a year ago.

The company’s revenue rose 13 percent to C$131.5 million, helped primarily by the gas services business it bought in June 2009.

Analysts on average were expecting the company to earn 26 cents per unit on revenue of C$229.8 million, according to Thomson Reuters I/B/E/S.

Operating expenses for the quarter fell 13 percent to C$38.3 million.

Throughput for the quarter averaged at 389,300 barrels per day(bbl/d), down from 412,500 bbl/d a year ago.

Units of the Calgary, Alberta-based fund were down less than a percent at C$18.11 Thursday on the Toronto Stock Exchange. ($1=1.029 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Don Sebastian)

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