Enbridge Income Fund' Holdings profit rises to $28.5 million in fourth quarter

CALGARY – Enbridge Income Fund Holdings Inc. (TSX:ENF) reports its net income rose to $28.5 million in the fourth quarter, up 29 per cent from a year earlier.

The company is affiliated with Enbridge Inc. (TSX:ENB) through a fund that has interests in power generation as well as the transportation and storage of oil.

The holding company’s net income amounted to 44 cents per share in the last quarter of 2014. A year earlier, Enbridge Income Fund Holdings earned $22.1 million or 39 cents per common share.

In November, the fund acquired $1.76 billion of additional assets from Enbridge Inc. and announced it would increase its monthly dividend by 12 per cent.

Enbridge Inc. said in December that it plans to transfer ownership of its Canadian Liquids Pipelines business and some of its Canadian renewable energy assets in stages to the fund while retaining operations responsibility.

Enbridge Income Fund Holdings Inc. said Tuesday that it hadn’t yet received a formal proposal from Enbridge Inc., which has indicated it expects the process to be complete by mid-2015.