Enbridge Income Holdings sees earnings rise to $21.2 million in first quarter

CALGARY – Enbridge Income Fund Holdings Inc. (TSX:ENF) says profits grew more than 48 per cent in the first quarter, while the company’s distributable cash also increased.

The Calgary-based holdings fund, majority-owned by oil and gas pipeline company Enbridge Inc. (TSX:ENB), posted earnings of $21.2 million, or 40 cents per share. That’s up from $14.3 million, or 36 cents per share, from the same year-earlier period.

It also declared a monthly dividend of $0.11125 per common share, to be paid on June 17.

The fund’s cash available for distribution increased 25 per cent during the quarter to $70.2 million, mostly due to contributions from its renewable power generation and crude oil storage assets, which were acquired last December.

“The fund’s strong first quarter results reflect the successful execution of our strategy to expand our diversified portfolio of high quality energy infrastructure assets through both organic growth and acquisition opportunities,” said president John Whelen in a release.