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Canacol Energy profit falls on lower sales volume
September 28, 2012 / 11:11 AM / 5 years ago

Canacol Energy profit falls on lower sales volume

(Reuters) - South America-focused oil and gas producer Canacol Energy Ltd (CNE.TO) reported a fall in fourth-quarter profit on lower average daily sales volumes.

The company’s net income fell to $3.8 million, or 1 cent per share, in the April-June period, from $18.4 million, or 4 cents per share, a year earlier.

Revenue fell 3 percent to $45.7 million.

Average daily sales volumes for the quarter fell 7 percent to 10,814 barrels of oil per day due to operational problems, including pump failures, the company said.

Quarterly funds from operations fell 33 percent to 2 cents per share.

Shares of the company closed at 45 Canadian cents on Thursday on the Toronto Stock Exchange.

Reporting by Shounak Dasgupta in Bangalore; Editing by Sriraj Kalluvila

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