UPDATE 1-Husky Energy profit falls as crude prices slip
* First-qtr EPS C$0.54 vs C$$0.60 year earlier
* Adjusted EPS C$0.56
* Cash flow rises 9 percent
* Says first production on track for Sunrise project
May 7 (Reuters) - Husky Energy Inc, Canada's No.3 integrated oil company, reported a 9 percent drop in first-quarter profit due to lower crude prices.
The company, controlled by Hong Kong billionaire Li Ka-shing, said its net income fell to C$535 million ($530 million), or 54 Canadian cents per share, from C$591 million, or 60 Canadian cents per share, a year earlier.
Adjusted profit fell 3 percent to C$547 million, or 56 Canadian cents per share.
The company said average realized prices for crude oil, natural gas liquids and bitumen fell to $68.32 per barrel in the first quarter from $87.11 per barrel a year earlier.
Cash flow, a key measure of the company's ability to pay for new projects and drilling, rose 9 percent to C$1.28 billion, or C$1.30 per share. Continued...