Enbridge's adjusted profit rises on strong pipeline volumes

Canada's No.2 pipeline company, whose pipelines carry the bulk of the country's oil exports to the United States, is waiting for permission from the United States to restart a key pipeline following an oil spill last week.

The repairs to the Enbridge-operated Line 14 pipeline, which ruptured last week spilling more than 1,000 barrels of oil into a Wisconsin field, have been completed, but the company, on Thursday, said the date for resumption of services was not yet determined.

The company, whose pipelines have suffered a series of leaks in recent years, said it will work with the Federal regulator to meet all requirements before restarting the 318,000-barrel-per-day line and work with shippers to curb the disruption's impact.

Enbridge's net income attributable to common shareholders for the second quarter fell to C$$11 million, or 1 Canadian cent per share, from C$302 million, or 40 Canadian cents per share, a year earlier due to losses on financial derivatives.

On an adjusted basis, profit rose to 36 Canadian cents per share from 34 Canadian cents per share.

Analysts on average had expected a profit of 38 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Average deliveries per day rose 14 percent at its Canadian Mainline Pipeline, while average deliveries at the Spearhead pipeline more than tripled in the quarter.

Enbridge, which kicked off more than C$3 billion of planned oil pipeline expansions in May, said last month its Spearhead pipeline had been overbooked by wide margins for July.

The company said it was on track with full-year adjusted profit forecast of C$1.58 to C$1.74 per share.

Shares of Enbridge, which has a market value of C$32.70 billion, closed at C$40.51 on Wednesday on the Toronto Stock Exchange. The shares have risen 29 percent over the past 12 months.

(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Savio D'Souza)