July 28, 2015 / 11:20 AM / 2 years ago

Husky Energy profit falls 81 percent due to lower oil prices

(Reuters) - Husky Energy Inc (HSE.TO), Canada’s No.3 integrated oil company, reported a nearly 81 percent fall in quarterly profit as it struggles to cope with weak oil and gas prices.

President and CEO Asim Ghosh of Husky Energy addresses shareholders during the company's annual general meeting in Calgary, Alberta, May 6, 2015. REUTERS/Todd Korol

The company’s net income fell to C$120 million, or 10 Canadian cents per share, in the second quarter ended June 30, from C$628 million, or 63 Canadian cents per share, a year earlier.

A one-time provision of $157 million for a corporate tax increase in Alberta and other items also affected the company’s second-quarter net income.

However, total production rose slightly to 337,000 barrels of oil equivalent per day from 334,000.

(Corrects production figure in last paragraph to 337,000 from 337 million)

Reporting By Darshana Sankararaman and Anet Josline Pinto in Bengaluru; Editing by Simon Jennings

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