Kinder Morgan Canada reports net income of $13.7M in Q2, down from $25.1M in last year’s Q2

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.

READ MORE: Subtracting capital gains tax cuts Trans Mountain price for government: Kinder Morgan

Watch below: Some videos from Global News stories involving Kinder Morgan and the Trans Mountain pipeline.

5:10 Why are Kinder Morgan execs getting bonuses?

• Why are Kinder Morgan execs getting bonuses?
• Kinder Morgan opponents react to Trans Mountain pipeline purchase
• Okanagan residents join Canadians across the country to speak out against the federal government’s decision to spend billions on the Kinder Morgan pipeline
• Canada divided down the middle on purchase of Trans Mountain Pipeline
• Poll reveals what Canadians think of federal government’s move to buy Trans Mountain pipeline project
• Jim Carr promotes Trans Mountain purchase in Alberta
• Bill Morneau visits Calgary to sell his plan for the Trans Mountain pipeline
• Trans Mountain purchase prompts political fireworks in Ottawa
• Morneau says decision to buy Trans Mountain was to meet goals of project
• ‘Multiple groups’ have spoken with Ottawa about Trans Mountain deal, Morneau says
• Morneau says Trans Mountain deal shows economy, environment go ‘hand-in-hand’

Previous Video

Next Video

The company says it has also withdrawn all prior earnings forecasts because of the pending $4.5 billion sale of the Trans Mountain pipeline system and expansion project to the Canadian government.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.