October 27, 2016 / 9:17 AM / a year ago

MEG Energy reports smaller loss, helped by cost cuts

Oct 27 (Reuters) - MEG Energy Corp, a major player in the Canadian oil sands, reported a smaller loss as its cost reduction strategy continued to pay off.

Calgary-based MEG reported a net loss of C$109 million ($92.70 million), or 48 Canadian cents per share, for the three months ended Sept. 30, compared with a loss of C$428 million, or C$1.90 cents per share, a year earlier.

Revenue rose 8 percent to C$497 million.

$1 = 1.3377 Canadian dollars Reporting by Vishaka George in Bengaluru; Editing by Amrutha Gayathri

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