TransCanada Corp reported a 32% YoY rise in 2013 net profit to C$1.7 billion (US$1.5 billion). The company attributed the increased net profit mainly to higher earnings from the Keystone pipeline and from the Canadian Mainline.
· Revenue from pipelines of C$5.6 billion, up 6% YoY; boosted by strong performance from gas pipelines
· Capex of C$4.5 billion, up 72% YoY
· Income of C$361 million from Canadian Mainline pipeline, up 93% YoY
· Comparable earnings of C$766 million from the Keystone pipeline system, up 8% YoY, due to higher volumes
Russ Girling, TransCanada's President and CEO, commented: "Comparable earnings increased 19% to C$1.6 billion and funds generated from operations were up 22% to C$4 billion. The strong year over year results reflect a return to an eight unit site at Bruce Power, higher Western Power volumes, an increase in New York capacity prices, growth in our NGTL System, and a higher Canadian Mainline return on equity. We now have a C$38 billion portfolio of commercially secured projects backed by long-term contracts."
In November 2013, TransCanada announced Q3-2013 profit of C$481 million (US$460.7 million), up 30% YoY, driven partly by higher power prices in Alberta and New York.
In July 2013, TransCanada Corporation reported a net profit of C$357 million ($347.1 million) in Q2-2013, up 19% YoY.
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