November 9, 2011 / 11:10 PM / in 7 years

UPDATE 1-Provident Energy Q3 profit rises

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Nov 9 (Reuters) - Canada’s Provident Energy’s quarterly profit rose more than three-fold, helped by stronger demand for natural gases and liquids.

The company said it now expects full-year adjusted EBITDA to come in at the upper end of its prior forecast of C$245-C$285 million.

For the third-quarter, the company posted a net profit of C$48.3 million, or 18 Canadian cents a share, compared with C$8.9 million, or 3 Canadian cents a share, a year ago.

Excluding items, the company’s funds flow from continuing operations rose 44 percent to C$62.8 million, or 23 Canadian cents a share.

Revenue rose almost 24 percent to C$450.8 million.

Shares of the company closed at C$9.14 on Wednesday on the Toronto Stock Exchange. (Reporting by Arnav Das Sharma in Bangalore; Editing by Roshni Menon)

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