November 2, 2011 / 10:25 PM / 6 years ago

UPDATE 1-Superior Plus posts wider Q3 loss, cuts dividend

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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)

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