August 15, 2011 / 2:27 PM / 7 years ago

UPDATE 1-TVI Pacific loss widens on shipment delay, shares slump

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Aug 15 (Reuters) - Canada’s TVI Pacific Inc , which runs resource projects in the Philippines, posted a wider quarterly loss, hurt by a delay in shipment and lower copper prices, sending its shares down as much as 21 percent in morning trade.

The company reported second-quarter net loss of C$2.1 million ($2.1 million), or 0.003 Canadian cents a share, compared with a loss of C$1.1 million, or 0.002 Canadian cents a share, last year.

The company, which also has interests in oil and gas assets in Alaska and west Africa, said revenue rose 22 percent to C$21.2 million.

The company said the delay in shipment caused about $8.9 million in additional net revenue and about $2.5 million in net income that was to be realized in the second quarter to be shifted into the third quarter.

Shares of the company were trading down at 5 Canadian cents in morning trade on Monday, making the stock the top percentage loser on the Toronto Stock Exchange. ($1 = 0.991 Canadian Dollars) (Reporting by Ankur Banerjee in Bangalore; Editing by Saumyadeb Chakrabarty)

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