Enterprise Products posts gains in profit, drops in revenues

Special Report:Global Financial Crisis

HOUSTON, Feb. 2 (Chinese media) -- Enterprise Products Partners Ltd. said on Monday its fourth-quarter profits rose but revenues dropped from the same period the previous year.

Quarterly profits rose to 228 million dollars, or 44 cents per unit, from 161.9 million, or 30 cents per unit, a year earlier, the Houston-based pipeline operator and energy-services provider said in a news release.

But revenues fell to 3.58 billion in the quarter from 5.30 billion in fourth-quarter 2007, due largely to lower commodity prices, said the second-biggest U.S. pipeline partnership by market value.

Wall Street had expected revenues of 6.14 billion.

The company estimated hurricane-related expenses for 2008 at about 123 million, or 28 cents per unit, which included 76 million for estimated lost business and 47 million for property damage expense.