Sunshine Oilsands (HK:2012) has released an update.
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Sunshine Oilsands Ltd. reported an increase in petroleum sales to CAD21.5 million in the first half of 2024, up from CAD17.9 million the previous year, driven by higher dilbit sales prices despite increased royalty expenses. However, the company faced a net loss of CAD11.0 million for Q2 2024, a significant downturn from the CAD5.7 million profit in Q2 2023, with factors such as one-off foreign exchange losses impacting the results. The operating cash flow showed improvement, with a net gain of CAD0.8 million in the second quarter, reversing the prior year’s net loss of CAD0.7 million.
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