Thursday, May 27, 2010 11:11:39 PM
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))
Symbol Symbol Search
Market CanadianUS View
My Watch Lists
Watch List 1Watch List 2Watch List 3Watch List 4Watch List 5 Recent Edit
Symbol Last Trade Change %
CLL 1.51 9.42%
ASYI 0.52 1.96%
ANYT 0.15 9.89%
ATNP 0.00 0.00%
EVFN 0.00 0.00%
FMNJ 0.00 100.00%
IACH 0.01 1.25%
RSPO 0.10 0.00%
NLST 2.23 14.95%
Detailed List | Set Alerts
Quotes delayed by at least 15 minutes.
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM