Crescent Point posts Q1 loss of $41.5M, reversing year-ago profit of $157.5M
May 9, 2008CALGARY - Crescent Point Energy Trust (TSX:CPG.UN) posted a first-quarter loss of $41.5 million on Friday, reversing year-ago profit of $157.5 million.
The Calgary-based trust's funds from operations were $155.7 million, up from $72.9 million.
On a per-share basis, the loss amounted to 34 cents, down from earnings of $1.80, while revenue rose to $97.4 million from $94.4 million in the same period a year ago.
Crescent said the quarterly loss included derivative losses of $109.8 million, while the year-ago profit had included a future income tax recovery of $158.8 million resulting from the company's reorganization.
Production averaged 35,832 barrels of oil equivalent per day in the first quarter, four per cent over guidance of 34,500 boepd and up 42 per cent from the first quarter of 2007.
Crescent Point units traded at $35.35 on the TSX, down 17 cents.
