May 6, 2010 / 11:00 AM / 7 years ago

UPDATE 1-Pengrowth Q1 profit handily beats market estimates

* Q1 profit C$0.37/unit vs est. C$0.04/unit

* Oil and gas sales up 11 pct

May 6 (Reuters) - Canada’s Pengrowth Energy Trust PGF_u.TO posted a quarterly profit that handily beat estimates, helped by higher average realized prices of oil.

For the first quarter, the trust reported a net income of C$108.8 million, or 37 Canadian cents per unit, compared with a net loss of C$54.2 million, or 21 Canadian cents per unit, a year earlier.

Oil and gas sales rose 11 percent to C$358.1 million.

Analysts on average were expecting earnings of 4 Canadian cents per unit, according to Thomson Reuters I/B/E/S.

Total production for the quarter fell 6 percent to 6,806 million barrels of oil equivalent (mboe), while average realized price per boe rose 18 percent at C$52.49.

Units of the Calgary, Alberta-based trust closed at C$10.90 Wednesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Roshni Menon)

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