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Suncor Energy swings to loss in Q1

Suncor Energy Inc. said its first-quarter normalized net income came to a loss of 26 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 14 cents per share.

The per-share result swung to a loss from the prior-year profit of 98 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$376.3 million, compared with income of C$1.44 billion in the prior-year period.

The normalized profit margin dropped to negative 5.3% from 13.9% in the year-earlier period.

Total revenue fell 31.1% on an annual basis to C$7.13 billion from C$10.34 billion, and total operating expenses decreased 12.9% year over year to C$6.68 billion from C$7.67 billion.

Reported net income came to a loss of C$346.8 million, or a loss of 24 cents per share, compared with income of C$1.49 billion, or C$1.01 per share, in the year-earlier period.