UPDATE 1-Gran Tierra posts lower Q1 profit

Mon May 10, 2010 6:13pm EDT

* Q1 EPS $0.04 vs $0.06

* Q1 rev triples

May 10 (Reuters) - Canadian oil exploration and production company Gran Tierra Energy Inc (GTE.TO) posted a lower quarterly profit, hurt by higher expenses and foreign exchange losses. For the first-quarter, the Calgary-based company reported a net income of $10.0 million or 4 cents a share, compared with $14.1 million, or 6 cents a share, a year ago.

Revenue almost tripled to $93.1 million.

Analysts on average were expecting the company to report earnings of 5 cents a share, on revenue of $83.31 million.

The company's quarterly average production, net after royalty, stood at 14,908 barrels of oil per day (bopd), up from 10,389 bopd, a year ago.

General and administrative expenses rose 40 percent to $7.2 million and the foreign exchange loss amounted to $14.3 million, of which $12.7 million was an unrealized non-cash foreign exchange loss.

Shares of the company closed at C$5.37 Monday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Roshni Menon) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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