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TransCanada profit up 37% in fourth quarter

Although missing analyst expectations, the company behind the proposed Keystone XL oilsands pipeline is reporting a 37% increase in its fourth quarter.

TransCanada says profits jumped to $420-million in the last three months of 2013, up from $318-million the year before.

In all of 2013, the energy company made over $1.7-billion, up 32% from 2012.

TransCanada says its quarterly dividend will be going up for the 14th year in a row, rising by four per cent to 48 cents per share.

The Keystone XL would connect Hardisty to the U.S. Gulf Coast and is still waiting for approval from the Obama Administration.

This past year, TransCanada also proposed the Energy East pipeline that would connect Alberta to New Brunswick.

From 2011 to 2012 the company’s profit fell 19%.