(RTTNews) - Wednesday, Natural gas transportation pipelines operator El Paso Pipeline Partners, L.P. (EPB: News ), reported an increase in profit for the third-quarter, reflecting a rise in revenues due to completion of several organic growth projects. Earnings per share was in-line with analyst expectations.

The Houston, Texas-based El Paso's net income attributable to the company rose to $46.6 million from $33.2 million a year earlier. Net income attributable to the company per common unit increased to $0.35 from $0.29 a year ago and net income attributable to the company per limited partner subordinated unit increased to $0.35 from $0.14 for the same period last year.

On average, twelve analysts polled by Thomson Reuters expected the company to report profit of $0.35 per unit for the quarter. Analysts' estimates typically exclude special items.

The company attributed the increase in net income to the completion of several organic growth projects including the Medicine Bow expansion, High Plains pipeline, Totem Gas Storage facility, and the Piceance Lateral expansion.

Quarterly revenues grew to $128.8 million from $103.3 million last year.

Financial results for all periods recognise adjustments to include 58% of Colorado Interstate Gas Co. or CIG in which the company acquired an 18% interest in July and to reflect El Paso Corp.'s 42% interest in CIG as a non-controlling interest.
Commenting on the third quarter performance, Jim Yardley, president and chief executive officer said "Our growth is supported by high quality assets with underlying expansion opportunities and a strong sponsor whose interests are fully aligned with unit holders. During the quarter we completed our second acquisition from El Paso Corporation and placed the WIC Piceance Lateral Expansion into service on schedule and on budget."

Operating income for the third quarter grew to $67 million from $43.3 million a year ago. EBIT rose to $65.6 million from $40.8 million last year. Excluding net income attributable to NCI of $13.7 million, adjusted EBITDA was $80.1 million, up from 54.7 million last year.

Interest and debt expense rose to $19.4 million from $12.1 million for the same period last year.

For the nine month period, net income rose to $148.9 million from $120.1 million last year. Net income attributable to the company per common unit was $1.14, up from $0.87 for the year earlier period and net income attributable to the company per subordinated unit increased to $1.09 from $0.73 a year-ago.

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