Nov 2 (Reuters) - Canada’s Superior Plus , which serves the energy, chemicals and construction sectors, posted a wider third-quarter loss and cut its dividend.
July-September net loss was C$113.4 million, or C$1.04 a share, compared with a loss of C$13.8 million, or 13 Canadian cents a share, a year ago.
Revenue rose 10 percent to C$845 million.
The company cut its dividend to 5 Canadian cents a share per month, and said the reduction will lead to Superior retaining about C$70-C$75 million of cash flow per year.
This, combined with C$270 million of available bank debt, will be used for repaying debt and refinancing purposes, it said in a statement.
The company, however, raised its EBITDA from operations forecast to C$125-C$145 million from C$120-C$140 million, at its energy services segment, and to C$105-C$120 million from C$100-C$115 million at its specialty chemicals segment.
Shares of the company closed at C$6.82 on Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Roshni Menon)