February 2, 2012 / 10:50 PM / in 6 years

UPDATE 1-North American Energy Partners swings to Q3 loss

(Follows alerts)

Feb 2 (Reuters) - - Canada’s North American Energy Partners Inc posted a third-quarter loss, hurt by a writedown on a contract with Canadian Natural Resources Ltd .

North American Energy, which provides mining and pipeline installation services to oil sands operators, posted a net loss of C$1.9 million, or 5 Canadian cents a share, compared with a profit of C$3.7 million, or 10 Canadian cents a share, a year ago.

The company expects to take C$40 million to C$45 million in writedown by the end of fiscal in March 31 due to a halt in production at Canadian Natural’s Horizon project in Alberta after a fire early last year.

Revenue grew 7 percent to C$284.6 million, helped by an about 38 percent rise at its piling segment offsetting some customer losses. (Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below