May 6, 2010 / 8:51 PM / 8 years ago

UPDATE 1-Bonavista Energy Q1 profit soars on higher production

* Q1 EPS C$0.53 vs C$0.28 yr ago

* Revenue up 42 pct to C$253.6 mln

* Production up 22 pct

May 6 (Reuters) - Bonavista Energy Trust BNP_u.TO first-quarter profit more than doubled, boosted by higher production volumes and average commodity prices.

For the quarter, net income was C$79.7 million ($77.45 million), or 53 Canadian cents per unit, compared with C$32.9 million, or 28 Canadian cents apiece, a year ago.

Adjusted net income was 42 Canadian cents per unit.

Revenue rose 42 percent to C$253.6 million.

Analysts on average were expecting the company to earn 29.8 Canadian cents per unit on revenue of C$234.3 million, according to Thomson Reuters I/B/E/S.

Production for the quarter ended March 31 was 62,734 barrels of oil equivalent per day (boe/d), up from 51,347 boe/d.

Units of the company closed at C$23.86 Thursday on the Toronto Stock Exchange. ($1=1.029 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Aradhana Aravindan)

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