The Financial Post | 5/8/2009 12:00:00 AM
Enbridge profit jumps on Colombian pipeline sale
May 08 -- Enbridge Inc. said Wednesday first-quarter profit more than doubled after the oil-and-gas distributor sold off its investment in South American pipeline operator Oleoducto Central SA.
The increase reflects the one-time after-tax gain of $329-million for the sale of its minority stake in Colombia-based Oleoducto, Enbridge said. Excluding the sale, adjusted earnings from ongoing operations still came in better than expected at $269-million (74 cents). Equity analysts polled by Bloomberg anticipated adjusted profit per share of 73 cents.
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