Sunshine Oilsands posts C$13m interim loss

Sunshine Oilsands reported on Wednesday an interim net loss of C$13.1 million (HK$92 million), a 20 per cent improvement on last year’s first half.

The Hong Kong- and Toronto-listed energy firm, based in the Canadian province of Alberta, specialises in extracting and processing oil sands.

It said the loss was generally attributable to administrative costs of C$9.1 million and finance costs of C$5.2 million.

Losses were offset by a C$6.6 million gain on the fair value adjustment on share warrants, the firm said in a stock exchange statement.

Sunshine declared roughly the same costs last year’s first half, but in that period it lost C$2.6 million on its warrants position.

The firm also disclosed negative cash flow of C$13.1 million this year’s first half, an improvement on the C$16.5 million cash outflow in the same period last year.