Company News

Suncor Energy profit falls 43% on weak business environment

Oct 30 (Reuters) - Suncor Energy Inc, Canada’s second-largest oil and gas producer, on Wednesday reported a near 43% fall in quarterly profit due to a weaker business environment.

Net profit fell to C$1.04 billion ($790.39 million), or 67 Canadian cents per share, in the third quarter ended Sept. 30, from C$1.81 billion, or C$1.12 per share, a year ago.

Suncor’s operating profit, which excludes one-time items, fell to C$1.11 billion, or 72 Canadian cents per share, from C$1.56 billion, or 96 Canadian cents per share, in the year-ago period.

The company produced a total of 762,300 barrels of oil equivalent per day (boepd), from 743,800 boepd in the year-ago quarter.

$1 = 1.3158 Canadian dollars Reporting by Nia Williams in Calgary, Arunima Kumar and Aishwarya Nair in Bengaluru; Editing by Shailesh Kuber