11/06/2012 05:30 EST | Updated 01/06/2013 05:12 EST

Keyera increases monthly dividend by a penny to 18 cents per share

CALGARY - Keyera Corp. (TSX:KEY) increased its monthly dividend Tuesday as it reported a third-quarter profit of $14.2 million.

The natural gas gathering and processing company said it would increase its monthly dividend by a penny to 18 cents per share.

The stock will yield about 4.5 per cent based on the company's share price Tuesday.

The dividend increase came as Keyera reported a third-quarter profit of 18 cents per share, down from a profit of $38.6 million or 54 cents per share a year ago, as it was hit by higher non-cash charges.

Operating revenue improved to $667 million, up from $620.8 million.

Keyera owns gas processing plants and associated facilities primarily in Alberta including pipelines, terminals and processing and storage facilities.

In September, the company signed a deal to buy a rail and truck terminal in Texas from ExxonMobil Oil in a bid to expand is infrastructure for handling natural gas liquids.

Shares in the company, which reported its results after the close of markets, were up 16 cents at $48.18 on the Toronto Stock Exchange.