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Husky Energy swings to loss in Q1

Husky Energy Inc. said its first-quarter normalized net income came to a loss of C$8.8 million, compared with income of C$580.6 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 0.2% from 10.3% in the year-earlier period.

Total revenue decreased 30.0% year over year to C$3.96 billion from C$5.65 billion, and total operating expenses fell 15.4% on an annual basis to C$4.01 billion from C$4.75 billion.

Reported net income fell 74.0% on an annual basis to C$169.0 million, or 17 cents per share, from C$651.0 million, or 66 cents per share.