November 10, 2011 / 12:07 PM / in 6 years

UPDATE 1-Niko Resources posts Q2 loss on lower output

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Nov 10 (Reuters) - Niko Resources Ltd, a Canadian oil and gas producer operating in Asia, posted a quarterly loss, hurt by lower production and a change in its accounting estimates.

The company reported a second-quarter net loss of $43.9 million, or 85 cents a share, compared with a net income of $23.8 million, or 46 cents a share, a year ago.

Oil and natural gas revenue fell 18 percent to $86.8 million.

Niko recorded a $58 million loss in the quarter related to a change in the accounting estimates of an income tax expense.

Production in the quarter fell 29 percent to 240,689 mcfe/d (thousand cubic feet of gas equivalent per day).

Shares of the company closed at C$55 on Wednesday on the Toronto Stock Exchange. (Reporting by Ankur Banerjee in Bangalore; Editing by Don Sebastian)

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