Updating our Income Portfolio Stocks Imperial Oil Ltd., Telus Corp. and Bank of Montreal

Article Excerpt

IMPERIAL OIL LTD. $45 earned $0.85 a share in the three months ended June 30, 2006, up 63.5% from $0.52 a year earlier. If you disregard a one-time tax credit, Imperial’s second quarter profits would have grown 34.6%, to $0.70 a share. Revenue slipped to $6.7 billion from $6.8 billion, due to lower natural gas production and prices. Rising costs at Imperial’s proposed oil sands and gas pipeline projects could hurt future growth. Hold. TELUS CORP. $52 continues to benefit from growing demand for wireless services. In fact, it now has more wireless customers than traditional telephone customers. Thanks to a 14% jump in the number of wireless subscribers in the past year, Telus earned $0.69 a share before one-time items in the second quarter of 2006, up 32.7% from $0.52 a year earlier. Revenue rose 7.0%, to $2.14 billion from $2.0 billion. Buy. BANK OF MONTREAL $64 is the first Canadian bank to receive permission to provide banking services in Beijing…

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