Ivanhoe’s third-quarter loss widens

Ivanhoe Energy Inc. (IE-T2.50-0.20-7.41%) widened its third-quarter loss as costs to develop its oil properties grew and it took in less revenue than a year ago.



The Calgary-based heavy oil development company, which reports in U.S. dollars, said Wednesday its third quarter loss was $7.2-million (U.S.), or 2 cents per share, compared to $2.8-million, or a penny per share, a year ago.



Oil revenue fell to $4.2-million from $7.9-million in the third quarter of last year due to lower production volumes from its Chinese oil field.



It used $5.4-million in cash flows for operations compared to $1.2-million a year ago. General and administrative expenses also rose to $6.1-million from $4.4-million.



Capital investments increased to $20.4-million from $5.8-million as the company spent more for development activities in China.



Ivanhoe Energy's core operations are in Canada, Ecuador, China and Mongolia.

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