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TransCanada Corp reports 14 pct rise in quarterly profit

May 3 (Reuters) - Pipeline operator TransCanada Corp reported a 14 percent rise in first-quarter profit on Friday, as it earned more by phasing into service Columbia Gas pipeline and one of its Columbia Gulf growth projects.

The Calgary-based company's comparable earnings rose to C$987 million, or C$1.07 per share, in the quarter ended March 31, from C$864 million, or 98 Canadian cents per share, a year earlier.

Revenue rose to C$3.49 billion from C$3.42 billion.

(Reporting by Nia Williams and Shanti S Nair; Editing by Arun Koyyur)