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Cenovus Energy swings to loss in Q1

Cenovus Energy Inc. said its normalized net income for the first quarter amounted to a loss of 64 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 9 cents per share.

The per-share result swung to a loss from the prior-year profit of 30 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$498.1 million, compared with income of C$223.8 million in the prior-year period.

The normalized profit margin dropped to negative 15.9% from 4.5% in the year-earlier period.

Total revenue fell 37.3% on an annual basis to C$3.14 billion from C$5.01 billion, and total operating expenses fell 24.2% from the prior-year period to C$3.34 billion from C$4.41 billion.

Reported net income totaled a loss of C$669.9 million, or a loss of 86 cents per share, compared with income of C$249.9 million, or 33 cents per share, in the year-earlier period.