Calgary-based Parkland Fuel sees $79 million loss in first quarter on higher revenues

Parkland Fuel Corp. says it saw a $79-million loss in the first quarter.

The Calgary-based company says that equalled a loss of 53 cents per diluted share, compared with a profit of 52 cents per share or $77 million a year earlier.

Revenues for the three months ended March 31 increased 3.4 per cent to $4.36 billion from $4.2 billion in the prior year.

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Fuel and petroleum product volume increased 12 per cent to six billion litres.

Analysts expected Parkland to lose one cent per share on $4.37 billion of revenues, according to financial markets data firm Refinitiv.

The company says it removed more than $300 million of capital expenditures from its plans this year.