) increased after it beat market estimates for first-quarter profit on Friday, as demand remained strong amid an uptick in oil production across North America.
Transport volumes at Enbridge’s Mainline - North America’s biggest oil pipeline network - rose marginally from last year, helped by a surge in Canadian oil sands production and a delay in the start-up of a government-owned rival pipeline to the second quarter. On Friday, Onex announced the company and its institutional clients have committed US$795-million to the company’s fifth fund, known as ONCAP, dedicated to acquiring small to medium-sized businesses, and US$735-million to a new platform, the Onex Partners Opportunities Fund.
“Onex is making progress in its plans to drive growth in shareholder value, and we were pleased to see fundraising start to gain momentum in the quarter,” CEO Bobby Le Blanc said in a press release. On April 1, Pembina closed its $3.1-billion purchase of Enbridge Inc.’s stakes in the Alliance pipeline and Aux Sable gas processing facility.
Sun Life has established more partnerships in Asia and other key regions as a part of its expansion efforts and acquired firms such as telemedicine company Dialogue Health and U.S. dental benefits company DentaQuest. That led to overall underlying net income fall of 2.2 per cent to $875-million. On a per share basis, the company earned $1.50. Analysts were expecting $1.65 per share, according to LSEG data.It posted a 4-per-cent drop in underlying net income from its individual protection business to $278-million, due to the sale of Sun Life UK.
On an adjusted basis, Algonquin says it earned 14 US cents per share in its latest quarter compared with an adjusted profit of 17 US cents per share a year earlier.The Montreal-based company says it will likely not achieve its adjusted earnings before interest, taxes, depreciation and amortization margin forecast for its 2024 financial year.
The company says it will provide an update about its performance and strategies when it reports its second-quarter results on June 6.) slid after it announced it is permanently closing its Polar sawmill in Bear Lake, B.C., shutting a production line at its Northwood Pulp Mill in Prince George, and suspending its “planned reinvestment” in Houston, B.C.
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