Canacol Energy posts profit on higher sales volume

Tue May 15, 2012 7:07am EDT
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(Reuters) - South America-focused oil and gas producer Canacol Energy Ltd CNE.TO reported a quarterly profit on higher average daily sales volume.

The company posted a net income of $3.7 million, or 1 cent per share, for the third quarter, compared with loss of $852,000, a year earlier.

Funds from operations for the quarter ended March 31 rose to $20 million, or 3 cents per share, up from $13.5 million, or 3 cents per share, a year earlier.

Total revenue rose 51 percent to $48.6 million.

Average daily sales volumes increased 27 percent to 12,742 barrels of oil.

Canacol's shares, which have fallen 9 percent so far in 2012, closed at 70 Canadian cents on Monday on the Toronto Stock Exchange.

(Reporting by Ankur Banerjee in Bangalore; Editing by Joyjeet Das)