MEG Energy reports quarterly profit helped by cost cuts

Thu Apr 28, 2016 5:06am EDT
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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)