July 29, 2010 / 2:15 PM / in 7 years

UPDATE 1-AltaGas Q2 profit falls 23 pct

* Q2 EPS C$0.35 vs EPS C$0.46 last year

* Q2 excluding items EPS C$0.32

* Hurt by higher interest expense

* Revenue up 17 pct

July 29 (Reuters) - AltaGas Income Trust (ALA.TO) posted a 23 percent drop in second quarter profit on Thursday, hurt by higher interest expense.

Net income for the quarter was C$28.4 million or 35 Canadian cents per unit, compared with C$36.9 million or 46 Canadian cents a unit in the year-ago period.

AltaGas said interest expense in second quarter was C$13.1 million, compared with C$8 million last year.

Excluding the impact of mark-to-market accounting, the trust earned 32 Canadian cents per unit.

Analysts polled by Thomson Reuters I/B/E/S had on an average expected the trust to earn 32 Canadian cents a unit.

Revenue rose to C$334 million from C$285.8 million.

The company said underlying gas and power assets performed well with the addition of new assets and stronger commodity prices

Units of the company were up 3 Canadian cents at C$20.12 during morning trade Thursday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Prem Udayabhanu) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))

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