August 25, 2011 / 11:53 AM / 7 years ago

UPDATE 1-Niko Resources posts Q1 loss as output falls

* Q1 loss/shr $1.07

* Q1 production down 18 pct to 246,370 mcfe/d

Aug 25 (Reuters) - Niko Resources Ltd , a Canadian oil and gas producer operating in Asia, posted a quarterly loss hurt by a fall in production and a change in accounting estimates.

For the April-June quarter, net loss was $55 million, or $1.07 per share, compared with net earnings of $14.1 million, or 46 cents per share, a year ago.

Oil and gas revenue fell 15 percent to $88.3 million.

Production in the quarter fell 18 percent to 246,379 mcfe/d (thousand cubic feet of gas equivalent per day).

Analysts on average were expecting the company to earn 65 cents per share on revenue of $92.6 million, according to Thomson Reuters I/B/E/S.

Niko recorded a $57.9 million loss in the quarter related to a change in the accounting estimates of an income tax expense.

Shares of the company closed at C$56.33 on Wednesday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Roshni Menon)

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