MEG Energy reports quarterly profit helped by cost cuts
April 28 (Reuters) - Canadian oil sands producer MEG Energy Corp reported a quarterly profit, compared with a loss a year earlier, as cost cuts helped cushion the impact of a slump in oil prices.
The company reported a net profit of C$131 million ($104 million), or 58 Canadian cents per share, in the first quarter ended March 31, compared with a loss of C$508 million, or C$2.27 per share, a year earlier.
Revenue fell 37.9 percent to C$290 million. ($1 = 1.2546 Canadian dollars) (Reporting by Amrutha Gayathri in Bengaluru; Editing by Gopakumar Warrier)
© Thomson Reuters 2016 All rights reserved.