Talisman Energy 2Q profit down 23 percent

Tag : oil based
NEW YORK -
Canadian oil and gas producer Talisman Energy Inc. on Tuesday reported a 23 percent drop in quarterly profit.
Talisman reported net income of 426 million Canadian dollars ($415million), or 42 Canadian cents (42 cents) per share, compared with500 million Canadian dollars, or 53 Canadian cents per share,during the same period of 2007.
The company attributed the drop mostly to gains on asset sales in2007, increased charges for stock-based compensation andmark-to-market losses on derivative contracts during the quarter.
Revenue for the quarter jumped to 3.16 billion Canadian dollars($3.08 billion) from 1.92 billion Canadian dollars.
Analysts polled by Thomson Financial expected profit of 71 centsper share on revenue of $2.85 billion.
The company said cash flow during the quarter reached a record 1.7billion Canadian dollars ($1.66 billion).
U.S.-traded shares of Talisman fell 18 cents to $17.56.

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