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Inter Pipeline revenue up despite dip in NGL processing business

Inter Pipeline Ltd. on Aug. 10 reported second-quarter net income attributable to shareholders of C$102.3 million, or 27 Canadian cents per share, down from C$114.4 million, or 34 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus GAAP earnings estimate for the quarter was 31 Canadian cents per share.

Revenue for the second quarter increased to C$516.0 million, from C$413.0 million in the same quarter in 2016. Total funds from operations amounted to C$207.0 million, or 56 Canadian cents per share, up from C$196.7 million, or Canadian 58 cents per share.

Funds from operations on the NGL processing business segment in the second quarter was reported at $28.4 million, down from $30.5 million the second quarter of 2016.

The lower sales volumes in the NGL processing business segment was mainly attributed to lower sales volumes due to a 29-day maintenance turnaround at the Cochrane straddle facility and a 20-day maintenance shutdown at the Redwater olefinic fractionator during in the quarter.