August 13, 2012 / 1:12 PM / 5 years ago

C&C Energia profit rises on higher production

Aug 13 (Reuters) - Canadian oil producer company C&C Energia Ltd reported a 15 percent rise in quarterly profit on higher production.

Net income in the second quarter rose to $26.8 million, or 42 cents per share, from $23.3 million, or 38 cents per share, a year earlier.

Average daily production rose 27 percent to 10,504 barrels of oil per day (bopd) during the second quarter.

The company, which operates in Colombia, South America, said oil revenues net of royalties rose 6 percent to $75.9 million.

Funds from operation rose 10 percent to $29.0 million.

The company narrowed its full-year production forecast to about 10,500 barrels of oil per day (bopd) from the earlier estimate of 10,000 to 10,500 bopd.

The company’s shares, which have fallen 35 percent in the last six months, closed at C$6.12 on Friday on the Toronto Stock Exchange.

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