Sunday, November 4, 2007

Teekay third quarter profit falls 78%

Teekay third-quarter profit falls as rates drop
Oct 31

Oil tanker operator Teekay Corp (TK) said on Wednesday its quarterly profit fell as tanker charter rates and tanker freight rates declined.

The company said net income fell to $17 million, or 23 cents per share, from $79.8 million, or $1.07 per share, in the same period a year ago.

Seasonal oil field maintenance in the North Sea, and hurricane-related oil field outages led to lower oil export volumes and lower rates, the company said.

Net revenue rose to $462.3 million from $344.3 million in the third quarter a year earlier, the company said.

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