August 13, 2009 / 9:27 PM / 9 years ago

UPDATE 1-Orleans Energy swings to loss in Q2

Revenue falls 62 pct

Aug 13 (Reuters) - Orleans Energy Ltd OEX.TO, a Canadian oil and gas explorer swung to a second-quarter loss, hurt by a drop in gas prices.

Canadian wholesale natural gas prices have fallen sharply in the past one year as inventories across North America have swelled at a record pace.

Net loss was C$6.4 million ($5.88 million), or 12 Canadian cents a share, compared with net income of C$850.3 million, or 2 Canadian cents a share, a year earlier.

Revenue fell 62 percent to C$9.46 million.

The company reported cash flow from operations of C$2.33 million, or 4 Canadian cents a share, for the quarter.

Shares of the Vancouver-based company closed at C$1.32 Thursday on the Toronto Stock Exchange.

$1=1.088 Canadian dollar Reporting by Amit Kumar in Bangalore; Editing by Anil D'Silva

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below