Cenovus net profit jumps on gain from sale of royalty unit

Thu Oct 29, 2015 6:25am EDT
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Oct 29 (Reuters) - Canadian oil producer Cenovus Energy Inc reported a five-fold rise in net quarterly profit, mainly due to a gain of C$1.9 billion ($1.44 billion) from divesting its royalty and fee land business.

The Calgary-based company's net profit rose to C$1.80 billion, or C$2.16 per share, in the quarter ended Sept. 30, from C$354 million, or 47 Canadian cents, a year earlier.

Oil production rose 6 percent to average 210,422 barrels per day. ($1 = 1.3214 Canadian dollars) (Reporting by Nia Williams in Calgary and Amrutha Gayathri in Bengaluru)