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Inter Pipeline Q1 net income drops, dividend increases

Inter PipelineLtd. on May 9 reported 2016 first-quarter net income attributableto shareholders of C$95.8 million, or 28 Canadian cents per share, compared toC$113.7 million, or 34 Canadian cents per share, during the prior-year period.

Inter Pipeline also reported first-quarter revenue ofC$416.4 million, compared to C$405.8 million, during the same period in 2015.

The company posted total funds from operations of C$186.0million, or 55 Canadian cents per share, compared to C$176.5 million, or 53Canadian cents per share, during the year-ago period. Inter Pipeline's oilsands transportation segment largely contributed to the company's earnings,which reported funds from operations of C$139.4 million.

Inter Pipeline declared first-quarter dividend of C$131.3million or 39 Canadian cents per share, representing an increase of C$9.5million from its dividend during the corresponding period in 2015. The company'spayout ratio for the quarter was 74.6%.