Canadian midstream energy company Enbridge has reported earnings of C$78.1 million for the third quarter of 2007, down 18% compared to earnings of C$95.5 million in the same period of 2006.
Earnings decreased primarily because of a lower contribution from Aux Sable, a natural gas liquids extraction and fractionation plant, as well as the impact of a weaker US dollar.
Earnings were C$451.6 million, or C$1.27 per share, for the nine months ended September 30, 2007, compared to C$444.3 million, or C$1.31 per share, in the same period of 2006.
Patrick Daniel, president and CEO, said: The company is well into the construction phase on many of the new pipeline projects which we have characterized as the first wave of growth. These pipelines are expected to come into service, and start generating positive cash flows, from mid-2008 through 2010.