May 11, 2017 / 9:18 AM / in 6 months

Canada's MEG Energy reports smaller quarterly profit

May 11 (Reuters) - Canadian oil sands producer MEG Energy Corp reported a smaller quarterly profit compared with a year earlier, when the company recorded higher gains related to foreign exchange and commodity risk management.

The Calgary, Alberta-based MEG’s net profit fell to C$1.59 million ($1.16 million) or 1 Canadian cent per share, for the three months ended March 31, from C$130.8 million, or 58 Canadian cents per share, a year earlier.

The latest quarter included more than C$98 million in gains, primarily related to foreign exchange and commodity risk management.

The company recorded gains of C$320.3 million related to foreign exchange and C$17 million related to commodity risk management in the year-ago quarter.

Revenue nearly doubled to C$560 million, with bitumen production rising marginally to 77,245 barrels per day. ($1 = 1.3707 Canadian dollars) (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair)

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