Ivanhoe Energy Q1 Loss Widens on Higher Costs

Reuters reports that Ivanhoe Energy Inc (TSX:IE) announced quarterly loss due to higher costs.

The market news is quoted as saying:

The company, which has operations in Canada, Ecuador, China and Mongolia, said January-March net loss was $11.1 million, or 3 cents a share, compared with a loss of $6.8 million, or 2 cents, a year ago. Revenue rose 55 percent to $8.2 million. It had cash and cash equivalents of $80.8 million at March 31. The company also said production at its Dagang field in China rose 25 percent to 90,599 net barrels of oil after royalties.

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