CALGARY — Kinder Morgan Canada Ltd. says it had a net income of $13.7 million in the second quarter, down from $25.1 million for the same quarter last year.
Net income for restricting voting stockholders came in at $1.8 million or two cents per share, compared with $4.2 million or 11 cents per share for the same period last year.
The company says net income was reduced primarily because of the non-cash write-off of capitalized credit facility fees, which were replaced by temporary credit facilities because of the pending sale of the Trans Mountain pipeline system.
The company says it has also withdrawn all prior earnings forecasts because of the pending $4.5 billion sale of the Trans Mountain pipeline system and expansion project to the Canadian government.
Kinder Morgan says it expects to close the deal with the federal government late in the third quarter or early in the fourth quarter this year, subject to approval by shareholders and regulators.
Total revenue for the quarter came in at $178 million for the quarter, compared with $168.7 million for the same quarter last year.
The Canadian Press