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(Reuters) – Kinder Morgan Canada Ltd.'s third-quarter earnings jumped to a one-time gain of $ 1.31 billion from the sale of its TransMountain pipeline.
The steel pipes to be used for the construction of the Kinder Morgan Canada Trans Mountain Expansion Project Pipeline are on cars at a storage site in Kamloops, British Columbia, Canada May 29, 2018. REUTERS / Dennis Owen
The company announced on Wednesday that it planned to return approximately C $ 1.2 billion (US $ 921.5 million), or C $ 11.40 per restricted voting share, on sale to its shareholders. shareholders.
Its parent company, Kinder Morgan Inc., based in the United States, concluded the sale of the controversial Trans Mountain pipeline to the Canadian government for C $ 4.5 billion in August.
Kinder Morgan Canada reported net income of $ 1.35 billion as at September 30, compared to $ 42.4 million a year earlier.
Per share, net income from continuing operations increased from 5 cents Canadian to 2 cents Canadian.
Its revenues increased by nearly 10% to reach 94.3 million Canadian dollars.
In addition, Kinder Morgan Inc. announced a profit of $ 1 billion in the third quarter, against $ 387 million a year ago.
Report by Debroop Roy in Bengaluru
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