Air Canada on Monday said it was introducing a carbon credits program to meet the needs of green-minded consumers concerned about climate change. ‘We not only want to make it possible for people to make good environmental choices, but we also want to play our part in addressing climate change.’ Charles McKee, Air Canada The Montreal-based airline will be working with Zerofootprint to offer the carbon offsets, a type of voucher used to sponsor clean-energy research and projects...
EnCana profit falls on writedown
April 28, 2008 on 4:19 am | In Finance |
EnCana Corp. said Wednesday that its first-quarter earnings fell due to accounting losses on its commodity price hedges.
The Calgary-based company said it made an overall profit of $497 million US, or 64 cents a share in the quarter. That was pulled down by a $423-million US loss on accounting for its price hedges.
In the same quarter of last year, EnCana made $1.47 billion US, or $1.70 a share.
The energy company’s operating earnings per share diluted rose 24 per cent year-over-year to$858 million US, or $1.10 per share.
Analysts polled by Thomson Financial had an average forecast for operating earnings of $1.01 a share.
The company said its operating earnings grew because ofhigher natural gas production and strong refinery margins, which offset lower oil and natural gas prices.
“Cash flow and gas production are on track with our 2007 forecasts while production from our integrated oilsands business is ramping up,” said EnCana CEO Randy Eresman in a statement.
EnCana shares finished on the TSX with a gain of 22 cent at $60.32.
No Comments yet
Sorry, the comment form is closed at this time.
Stocks Finish With Sharp Losses; Volume Up »Stocks got hammered Friday, putting the current rally under renewed stress. The NYSE composite plunged 2.8%, the S&P 500 2.7%, the Nasdaq 2.6% and the Dow 2.5%. Volume rose across the board, according to preliminary figures. That gave the market its second distribution day since a Feb. 13 follow-through. The NYSE indexes touched their 50-day moving averages earlier this week, but rolled over from there. It would have been far more encouraging if the indexes had been able to establish...