OPTI Canada net loss shrinks to C$55 million in quarter ended June 30

By Caroline Salls

Pittsburgh, July 28 - OPTI Canada Inc. posted a C$55 million net loss for the quarter ended June 30 on C$94 million of revenues, net of royalties, according to a filing with the Securities and Exchange Commission.

In comparison, the company posted a C$144 million net loss for the quarter ended June 30, 2010 on C$61 million of revenues, net of royalties.

According to the report, the revenue increase reflected higher PSC sales and an increase in the company's share of bitumen production.

For the six months ended June 30, OPTI's net loss was C$82 million on C$157 million of revenues, net of royalties, compared with a C$185 million net loss for the same period of last year on C$111 of revenues.

As of June 30, the company had roughly C$189 million of cash.

OPTI Canada is a Calgary, Alta.-based company focused on developing oil-sands projects.

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