July 29, 2008 / 9:21 PM / 10 years ago

Canadian Oil Sands profit surges with oil prices

CALGARY, Alberta (Reuters) - Canadian Oil Sands Trust COS_u.TO, the largest owner of Syncrude Canada Ltd, surged back into the black in the second quarter as oil prices jumped to a record, it said on Tuesday.

Canadian Oil Sands, which has a 37 percent stake in Syncrude, the world’s biggest oil sands mining and synthetic crude operation, earned C$497 million ($483 million), or C$1.04 Canadian cents a trust unit, up from a year-earlier loss of C$395 million, or 82 Canadian cents a unit.

The trust also raised its quarterly distribution by 25 percent to C$1.25 a unit.

($1=$1.03 Canadian)

Reporting by Jeffrey Jones; Editing by Peter Galloway

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