CALGARY — Inter Pipeline Ltd. says its net profit more than doubled in its latest quarter as revenues increased 30 per cent.
The Calgary-based pipeline firm reported after markets closed Thursday that it earned $145.5 million or 34 cents per share in the second quarter, up from $62.5 million or 15 cents per share a year earlier.
Revenues for the three months ended June 30 were $702.9 million, up from $539.5 million in the year-ago period.
Inter Pipeline was expected to earn 22 cents per share on $542.4 million of revenues, according to financial data firm Refinitiv.
President and CEO Christian Bayle said it delivered another strong quarter with stable results despite the challenges of having to deal with competing bids by Pembina Pipeline Corp. and Brookfield Infrastructure Partners LP.
Inter Pipeline's board is recommending shareholders accept a $16-billion takeover offer by Brookfield, which revised its offer to $19.75 per share. The offer expires on Friday.
"I wish to take this opportunity to sincerely thank the Inter Pipeline team for their unwavering focus on advancing our business priorities despite the disruption and uncertainty of an extended corporate strategic review and likely sale of the company," he stated in a news release.
Pembina terminated its own rival offer nearly two months after Inter Pipeline entered into a friendly $8.3-billion all-share deal with Pembina equal to $19.45 per share.
Inter Pipeline paid Pembina a termination fee of $350 million on July 27.
This report by The Canadian Press was first published Aug. 6, 2021.
Companies in this story: (TSX:IPL)
The Canadian Press