CALGARY — Canadian Oil Sands Trust said its profit fell to $128 million in the fourth quarter, down from $174 million in the year-earlier period, as its bottom line was hit by higher Crown royalties, higher operating expenses, and higher foreign exchange losses.
Profit amounted to 27 cents per unit, in the fourth quarter of 2006, down from 38 cents per unit, Canadian Oil Sands announced Monday after markets closed. The trust is the largest partner in the Syncrude oil sands project.
Cash from operating activities increased to $412 million, or 88 cents per unit, in the fourth quarter of 2006, up from $281 million or 61 cents per unit for the fourth quarter of 2005.
For the full year ended Dec. 31, net income was $834 million, or $1.78 per diluted unit. That compares with 2005 net income of $831 million, or $1.80 per unit diluted. Cash from operating for 2006 was $1.14 billion, up from $949 million or $2.07 per trust unit.
Canadian Oil Sands units closed Monday at $30.79, up 35 cents or 1.15 per cent on the Toronto Stock Exchange. Full Article.