TransCanada, an energy infrastructure company, has reported net income of C$449 million for the first quarter 2008, compared to C$265 million for the first quarter of 2007.
Comparable earnings were C$326 million or C$0.60 per share for first quarter of 2008, compared to C$250 million or C$0.49 per share in the first quarter of 2007. The increase was due to higher contributions from both the pipelines and energy businesses.
In the first quarter of 2008, the company reported that funds generated from operations were C$922 million, compared to C$582 million generated in the same period in 2007.
Hal Kvisle, president and CEO of TransCanada, said: Strong first quarter earnings and cash flow from our pipelines and energy businesses are the result of TransCanada’s focus on quality investment opportunities in markets where we have expertise and competitive advantage.
As we continue to pursue our goal of becoming the leading energy infrastructure company in North America, we are excited by the significant growth opportunities available within our core businesses and our core market regions. In the first quarter, we announced the Ravenswood acquisition in New York City and continued to advance the Keystone Oil Pipeline project.