Enbridge Inc., Canada's largest pipeline company, said fourth-quarter profit rose 5.9 per cent on increased volumes. Profit rose to $265.2-million, or 71 cents a share after payment of preferred dividends, from $250.4-million, or 69 cents, a year earlier, the Calgary-based company said yesterday in a statement. Excluding one-time items, the profit missed by 2 cents the average of analyst estimates. Enbridge is expanding its pipeline network to transport increased output from oil sands projects in Alberta. Prospects for growth in that business beyond 2012 will dim as producers cut investment in the region because of the recession, chief executive officer Patrick Daniel said in the statement.
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