TransCanada Corp. announced plans to expand its Canadian Mainline pipeline in southern Ontario as it reported an improved second-quarter profit compared with a year ago.
The company says it plans to spend $160 million in increase capacity of the natural gas pipeline. The project will add compression and associated facilities to transport an additional 80 million cubic feet of natural gas per day.
Meanwhile, TransCanada said it earned $881 million attributable to common shareholders or $1.01 per diluted share for the quarter ended June 30.
That compared with a profit of $365 million or 52 cents per diluted share in the same quarter last year.
Revenue for the quarter totalled nearly $3.22 billion, up from $2.75 billion a year ago.
CEO Russ Girling said the improvement was due to the acquisition of the Columbia Pipeline Group last year, strong performance in its pipelines businesses and higher earnings from Bruce Power.