Keystone pipeline operator TransCanada Corp's fourth-quarter profit beat market expectations on Thursday, helped by lower costs and an expansion of its gas lines.
On an adjusted basis, the Calgary-based company earned 82 Canadian cents, beating the average analyst estimate of 77 Canadian cents, according to Thomson Reuters I/B/E/S.
Keystone's profitability was boosted, among others reasons, by the expansion of its NGTL gas pipeline, Chief Executive Officer Russ Girling said in a statement.
The company plans to invest C$2.4 billion ($1.9 billion) to further expand the pipeline, which moves gas from Alberta and British Columbia to markets all over North America.
Keystone's attributable net income was C$861 million, or 98 Canadian cents per share, in the quarter ended Dec. 31, compared with a loss of C$358 million, or 43 Canadian cents, a year ago.
Its revenue dipped to C$3.62 billion from C$3.64 billion.
(Reporting by Akshara P in Bengaluru; Editing by Savio D'Souza)