January 22, 2008 / 8:00 AM / 10 years ago

Suncor Energy quarterly profit rises

NEW YORK, Jan 22 (Reuters) - Suncor Energy Inc (SU.TO) announced on Tuesday that its fourth-quarter earnings rose, as an increase in revenue from oil sands offset the impact of an outage at its Sarnia refinery.

The company, which runs Canada’s second-largest oil sands operation, said its quarterly net profit rose to C$963 million, or C$2.08 per common share, compared to C$358 million, or C$0.78 per common share in the year-ago quarter.

Excluding costs such as the reduction of federal income tax rates and net insurance proceeds, earnings rose to C$1.29 per common share from C$0.82 per share, the company said.

Reporting by Ritsuko Ando; editing by Rory Channing

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