Keystone pipeline operator TransCanada Corp's fourth-quarter profit beat market expectations on Thursday, helped by lower costs and an expansion of its gas lines.
On an adjusted basis, the Calgary-based company earned 82 Canadian cents, beating the average analyst estimate of 77 Canadian cents, according to Thomson Reuters
Keystone's profitability was boosted, among others reasons, by the expansion of its NGTL gas pipeline, Chief Executive Officer Russ Girling said
in a statement.
The company plans to invest C$2.4 billion ($1.9 billion) to further expand the pipeline, which moves gas from Alberta and British Columbia to markets all over North America.
Keystone's attributable net income was C$861 million, or 98 Canadian cents per share, in the quarter ended Dec. 31, compared with a loss of C$358 million, or 43 Canadian cents, a year ago.
Its revenue dipped to C$3.62 billion from C$3.64 billion.
Reporting by Akshara P