UPDATE 1-Connacher profit beats Street on high commodity prices
UPDATE 1-Connacher profit beats Street on high commodity prices* Q1 C$0.01 vs est C$0.003
* Q1 rev almost doubles
* Sees Algar plant starting production in August
May 11 (Reuters) - Oil sands developer Connacher Oil & Gas <CLL.TO> posted a quarterly profit that beat analysts estimates, helped by higher commodity prices.
Net earnings for the first quarter was C$5.5 million, or 1 cent a share, compared to a loss of $46.8 million, or 22 cents a share, a year ago.
Revenue almost doubled to C$118.4 million.
Analysts on average were expecting the company to post 0.3 Canadian cents, on revenue of C$128.1 million, according to Thomson Reuters I/B/E/S.
Cash flow for the first quarter was C$3.9 million.
The company said its realized crude price rose 79 percent, while the realized price for bitumen more than doubled.
The company also said its Algar plant in Alberta oil sands, which is currently under construction, is expected to start production in August.
Shares of the company closed at C$1.65 Tuesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Roshni Menon) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))
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