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Sunshine Oilsands Swings to Q3 Profit as Revenue Swells

MT Newswires ·  {{timeTz}}

02:54 AM EST, 11/15/2021 (MT Newswires) -- Sunshine Oilsands (HKG:2012) turned to profit in the third quarter, aided by a surge in revenue and foreign exchange gains, as well as lower expenses for the period.

Q3 profit attributable to equity holders stood at C$27.5 million ($21.9 million), recovering from a loss of C$12 million a year ago, according to a late Friday filing. Earnings per share hit C$0.11 versus a loss of C$0.09 a year earlier.

Revenue and other income soared to C$43.9 million from C$6 million a year prior.

Foreign exchange gains more than doubled year on year to C$14.3 million from C$6.4 million, while expenses slid to C$16.6 million from C$18.1 million.

In January to September, profit attributable to equity holders reached C$2.1 million versus a loss of C$39.1 million a year ago. Earnings per share came in at C$0.01, rebounding from a loss of C$0.30 a year earlier.

Revenue stood at C$50.4 million versus a loss of C$3.8 million year over year.

Shares of the Canadian oil explorer lost nearly 1% recently.

Price (HKD): $3.19, Change: $-0.02, Percent Change: -0.62%

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