TORONTO — Brookfield Infrastructure Partners L.P. says it has made a $125 million net profit in its second quarter, up from $5 million the year before.
The owner and operator of energy, freight and data networks, which reports earnings in U.S. dollars, said the sharp increase came from investments made in the last year.
The company announced it will acquire Enbridge’s Western Canadian natural gas gathering and processing business for $3.3 billion and home heating and cooling company Enercare Inc. for $4.3 billion.
Brookfield said a loss of income from the sale of assets and the time it has taken the company to redeploy money into new investments has resulted in a slight decline in funds from operations, which fell to $294 million from $295 million the quarter before.
The company’s revenues also took a tumble, decreasing to $1.04 billion from $2.06 billion.
On an adjusted basis, Brookfield earned 21 cents per share in the most recent quarter, beating analyst expectations for 12 cents per share, according to Thomson Reuters Eikon.
(Companies in this story: TSX:BIP)
The Canadian Press