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Spectra swings to profit in Q1

Spectra Inc. said its normalized net income for the first quarter came to C$1,880, compared with a loss of C$1,760 in the year-earlier period.

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

The normalized profit margin increased to 0.5% from negative 0.5% in the year-earlier period.

Total revenue declined year over year to C$352,030 from C$357,450, and total operating expenses fell 5.2% on an annual basis to C$299,710 from C$316,170.

Reported net income grew year over year to C$8,640, or 0 cents per share, from C$470, or 0 cents per share.