A Summary Q1 Inter Pipeline First-Quarter Profit Rises 43% as Heartland Construction Costs Rise; No Update on Strategic Review
2021-05-06 05:24:01 PM ET (MT Newswires)
05:24 PM EDT, 05/06/2021 (MT Newswires) -- Inter Pipeline (IPL.TO) on Thursday said its first-quarter profit rose 43% as it continues to fend off a C$7.1 billion hostile takeover offer from Brookfield Infrastructure Partners (BIP-A.TO).
The oil and gas infrastructure and processing company said it earned C$127.8 million, or C$0.30, in the period, up from C$89.1 million, or C$0.21, in the first quarter of 2020. Funds from operation rose 15% to C$239.3 million, or C$0.56.
Revenue rose 15% to C$697.2 million.
The company did not offer an update on its strategic review process, launched in March as it rejected the Brookfield bid. It expects a board committee to report on the review prior to June 7, with the Brookfield offer expires.
The company said construction of its Heartland Petrochemical Complex in central Alberta is expected to be begin producing polypropylene early next year. Inter Pipe said the final construction costs for the facility are now pegged at C$4.2 billion, up from it prior C$4 billion estimate.
Inter Pipeline share closed up C$0.07 to C$17.98 on the Toronto Stock Exchange.
Price: 17.98, Change: +0.07, Percent Change: +0.39