Pembina Pipeline Q4 Profit Down

(RTTNews) - Pembina Pipeline Corp. (PBA,PPL.TO) reported fourth quarter earnings of C$145 million, a 61 percent decrease from last year. Earnings per share were C$0.21, down from C$0.66 in the prior year.

Fourth quarter and full-year earnings were impacted negatively by an impairment charge of C$300 million on Pembina's convertible preferred interest in Ruby Pipeline. The impairment charge was the result of an assessment triggered by upcoming contract expirations in a business environment in the Rockies Basin that remains challenged.

Revenue for the quarter was C$1.75 billion up from C$1.73 billion in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of C$0.57 per share and revenues of C$1.78 billion. Analysts' estimates typically exclude special items.