August 4, 2010 / 10:33 PM / 8 years ago

UPDATE 1-ARC Energy Trust Q2 profit down on forex losses

* Q2 EPS C$0.18 vs C$0.28 yr-ago

* Q2 revenue up 4 pct

Aug 4 (Reuters) - Canada’s ARC Energy Trust AET_u.TO posted a 32 percent fall in quarterly profit, partly hurt by foreign exchange losses

For the second quarter, the conventional oil and gas trust posted a net income of C$44.9 million, or 18 Canadian cents a share, compared with C$66.1 million, or 28 Canadian cents a share, a year ago.

Revenue rose 18 percent to C$276.7 million.

Analysts on average were expecting earnings of 19 Canadian cents, before special items, on revenue of C$272.8 million, according to Thomson Reuters I/B/E/S.

ARC Energy recorded foreign exchange losses of C$52.6 million.

The trust, which expects 2010 average production between 72,500 and 74,500 barrels of oil equivalent (boe) per day, said its production during the quarter rose 4 percent to 66,208 boe per day.

Lately, the No. 2 conventional oil and gas trust in Canada, has been looking to add reserves and production from the Montney field, a shale and tight sands gas field that straddles the Alberta-British Columbia border.

Units of the trust closed at C$20.05 Wednesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta and NR Sethuraman in Bangalore; Editing by Unnikrishnan Nair)

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