February 17, 2012 / 3:33 PM / 6 years ago

Canada's Keyera slides after swinging to surprise qtrly loss

Feb 17 (Reuters) - Shares in Keyera Corp slipped as much as 10 percent on Friday, after the company posted its first quarterly loss in more than four years, surprising the market that had expected a profit.

Keyera, one of the largest natural gas midstream businesses in Canada, reported a fourth-quarter loss of C$21.2 million, or 30 Canadian cents a share, while five analysts polled by Thomson Reuters I/B/E/S had expected a profit of 49 Canadian cents a share.

“(The) results reflect a combination of lower marketing results due to unusually warm weather, compounded with basis risk on the hedging strategy that suggests tough first-quarter 2012 marketing results,” Macquarie Equity Research said in a client note.

Calagary-based Keyera provides natural gas gathering and processing, as well as transportation and storage of natural gas liquids.

Keyera shares were trading down 6 percent on Friday on the Toronto Stock Exchange. They earlier touched a low of C$42.73. (Reporting by Aftab Ahmed in Bangalore; Editing by Viraj Nair)

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