MEG Energy posts loss as weaker Canadian dollar weighs

Wed Apr 24, 2013 5:27am EDT
 
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April 24 (Reuters) - Canadian oil sands producer MEG Energy Corp reported a first-quarter loss, compared with a profit a year earlier, due to a weaker Canadian dollar.

The company reported a net loss of C$71.3 million ($69.5 million), or 32 Canadian cents per share, compared with a profit of C$53.4 million, or 27 Canadian cents per share, a year earlier.

The net loss was primarily due to unrealized foreign exchange impact on the translation of the company's U.S. dollar denominated debt, cash and cash equivalents, as the Canadian dollar decreased in value relative to the U.S. dollar, the company said.

It reported an operating loss of C$36.7 million, or 16 Canadian cents per share, compared with a profit of C$23.5 million, 12 Canadian cents per share, a year earlier.