AltaGas Ltd., an energy infrastructure company based in Calgary, Alberta, has announced an increase in second-quarter profit, despite a greater-than-expected decrease in revenue. The company faced challenges such as wildfires in Canada and timing effects related to hedges and shipping.
AltaGas reported a higher income of 133 million Canadian dollars ($100.6 million), or C$0.47 a share, compared to the previous year's income of C$35 million, or C$0.12 a share.
The company incurred approximately C$7 million in expenses due to the wildfires across the country and about C$12 million due to negative effects from hedges and shipping timing. AltaGas anticipates that the latter may continue for a few quarters before reversing.
However, the normalized income, an adjusted figure, declined to C$0.06 a share from C$0.14 a year ago.
AltaGas experienced a decline in revenue from C$3.24 billion to C$2.63 billion. Analysts had predicted a decrease in revenue but had estimated a fall to C$3.05 billion.
Despite the challenges faced during the period, AltaGas' new Chief Executive, Vern Yu, who assumed the role on July 1, stated that the first-half results align with the company's expectations.
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