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Husky Energy swings to loss in Q3

Husky Energy Inc. said its third-quarter normalized net income amounted to a loss of C$3.45 per share, compared with the S&P Capital IQ consensus estimate of a loss of 10 cents per share.

The per-share result swung to a loss from the prior-year profit of 50 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$3.40 billion, compared with income of C$496.9 million in the prior-year period.

The normalized profit margin fell to negative 81.0% from 7.7% in the year-earlier period.

Total revenue fell 34.6% on an annual basis to C$4.20 billion from C$6.43 billion, and total operating expenses rose 70.4% from the prior-year period to C$9.57 billion from C$5.62 billion.

Reported net income came to a loss of C$4.12 billion, or a loss of C$4.19 per share, compared with income of C$508.0 million, or 52 cents per share, in the year-earlier period.