Company News

Suncor profit drops on foreign exchange loss

CALGARY, Alberta, May 1 (Reuters) - Suncor Energy Inc , Canada’s second-largest energy producer, reported a lower first-quarter profit on Tuesday on a foreign exchange loss.

The Calgary, Alberta-based company reported net earnings of C$789 million, or 48 Canadian cents per share, in the three months ended March 31. In the year-prior quarter, net earnings were C$1.35 billion, or 81 Canadian cents per share.

Suncor’s operating profit, which excludes one-time items, was C$985 million, or 60 Canadian cents per share, in the first quarter, up from $812 million, or 49 Canadian cents per share, in the year-ago period.

Analysts had predicted earnings of 52 Canadian cents per share, according to Reuters data. (Reporting by Julie Gordon in Calgary Editing by Leslie Adler)