RED DEER, Alta. – Lower pre-tax earnings and more than $12 million in income tax expenses drove Parkland Fuel Corp. (TSX:PKI) into the red during the second quarter of fiscal 2011, the company said Thursday.
The fuel distributor, based in Red Deer, Alta., reported a net loss of $9.3 million or $1.02 per share for the quarter ended June 30.
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The company had net profits of $12.7 million or $1.58 per share during the same quarter of 2010.
The loss came despite a spike in quarterly sales, which jumped to $950.3 million from $600.6 million the year before as the company benefted from recent acqusitions and business growth.
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Parkland attributed the net profit reversal to lower pre-tax earnings, $12.8 million in higher income tax expenses and a $4.3 million increase in depreciation and amortization expenses.
Parkland shares tumbled 13 per cent in Thursday trading on the Toronto Stock Exchange, closing down $1.62 at $10.37 per share.
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