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UPDATE1-Teekay Corp Q2 loss narrows on lower costs; shrs up
August 11, 2011 / 2:05 PM / 6 years ago

UPDATE1-Teekay Corp Q2 loss narrows on lower costs; shrs up

* Q2 loss/shr $1.36 vs last yr loss $2.10/shr

* Q2 rev down 12 pct

* Shares up as much as 11 pct

Aug 11 (Reuters) - Teekay Corp (TK.N), a marine crude oil and petroleum product transporter, posted narrower second-quarter loss on higher levels of liquefied natural gas shipping demand and lower costs, sending its shares up as much as 11 percent.

Voyage costs fell 22 percent, while time-charter hire expenses fell 29 percent, in the quarter.

For April-June period, the company’s loss narrowed to $96.5 million, or $1.36 per share, from $153.1 million, or $2.10 per share, last year.

Excluding items, the company posted a loss of 51 cents per share.

Revenue fell 12 percent to $484.9 million.

Teekay Corp shares were trading up 6 percent at $23.1 on Thursday on the New York Stock Exchange. (Reporting by Sumit Jha in Bangalore; Editing by Joyjeet Das)

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