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Latest Headlines
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Feb 8, 2010 5:52:00 PM MST
Pacific Northern Gas increases dividend, reports Q4 profit up from year ago (Pacific-Northern-Gas)
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VANCOUVER _ Pacific Northern Gas Ltd. (TSX:PNG) increased its quarterly dividend on Monday as it reported improved quarterly profits compared with a year ago.
The company said it would pay a quarterly dividend to 28 cents, up from 25 cents.
The increased dividend came as Pacific Northern said it earned $3.4 million or 93 cents per share for the quarter ended Dec. 31 on $31.2 million in revenue.
That compared with a profit of $3.1 million or 84 cents per diluted share on $41.1 million in revenue a year earlier.
"The increased dividend reflects the board´s confidence in the strength of our natural gas distribution business and the solid prospects for the liquefied natural gas export project and associated KSL Project pipeline," president and chief utive Roy Dyce said in a statement.
"Given a growing natural gas surplus in northern British Columbia and declining natural gas prices across North America, the economics of exporting LNG continue to improve and we continue to work towards achieving significant project milestones as the year progresses."
Pacific Northern owns and operates a natural gas transmission and distribution system in northern B.C.
Shares in the company, which reported its results after the close of markets, were up 35 cents at $21.40 on the Toronto Stock Exchange on Monday.
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